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Arab News

Arab News

Ministry: More than 3.8 million Umrah visas issued so far

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Business News

Saudi Arabia to see up to $21bn investment in housing this year

RIYADH: Saudi Arabia’s housing minister said on Wednesday he expects investments in the real estate financing sector to reach between SR60 billion and SR80 billion ($21.33 billion) in 2019. Real estate financing for January hit SR4.7 billion, and coming months were expected to see even bigger figures, Majed Al-Hogail told Reuters on the sidelines of a housing conference in Riyadh. The ministry wants 60 percent of Saudis to own homes by 2020. It is working with local banks to facilitate financing and help developers increase the supply of affordable units.

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