Aiming for Riyadh to become one of the 10 largest economic cities in the world, this particular housing development project is one majorly supported by Saudi Arabia’s Crown Prince Mohammed Bin Salman. His Royal Highness just allocated 20 million square meters for new residential land north of Riyadh.
The Ministry of Municipal, Rural Affairs and Housing will be leading the project, as part of an initiative to improve the kingdom’s housing sector and help local families to own their own homes.
The new allocation of land aims to expand the residential area of the Al Jawan suburb from 10 million square meters to 30 million square meters, and build up to 53,000 housing units through incorporated projects, facilities and services in partnership with the private sector – on top of the 20,000 housing units that have already been confirmed.
Under #Vision2030, Saudi women have the means of opportunity to own their first home through the subsidized mortgage loan scheme.https://t.co/ngS8LGb1Lw
— About Her (@AboutHerOFCL) December 8, 2020
Since the leadership of MBS has come into play with his Vision 2030 plan, the housing sector has seen Saudi home ownership grow from 47% to 60% in a matter of just 4 years, and has an aim to reach 70% under the plan.
Not only will Saudi Arabia's ambitious plan plant 7.5 million trees in Riyadh, it will also set up a recycled irrigation network to water them.https://t.co/liCJnjKv3F
— About Her (@AboutHerOFCL) August 5, 2020
A statement about the new land allocation read, “The additional lands allocated to the housing sector north of Riyadh will provide more than 53,000 various housing units that real estate developers will work on, taking into account the quality of services that meet the aspirations of citizens.”
This new move falls in line with Vision 2030’s plan to see Riyadh’s growth with the aim of becoming one of the 10 largest economic cities in the world, and wanting to see an increase in the city’s population from 15 to 20 million by 2030.
