India's Largest Database on New Projects
Saudi Arabia to allocate funds for new houses
10 August 2010: Saudi Arabia is planning to pump more than SR100 billion (approx Dh99bn) into projects to build nearly one million houses for citizens to meet surging demand within its current five-year development plan to be endorsed shortly.
The massive blueprint the kingdom's ninth development plan for 2010-2014, which is expected to involve record high public expenditure and investments, aims to increase the GDP per capita income from around SR46,200 in 2010 to SR54,200 in 2014.
Around SR731bn will be earmarked for development of human resource, including education and training, more than 50 per cent of the total development allocations of around SR1,444bn.
The five-year plan aims to build one million housing units to meet nearly 80 per cent of the projected demand within the next five years. More than SR100bn will be invested in this sector, an increase of around 64 per cent over the previous plan.
Source: Zawya