Saudi Arabia is planning an $800M social housing project in partnership with the private sector, according to reports in the local media.
The new residential units will be handed to widows and orphans in cooperation with the Ministry of Housing, and charities. The Kingdom is currently tackling a shortage of housing — in December 2015, the Housing Ministry said that the country will need an extra 3M houses by 2025.
The Saudi Arabia government is urging investors to finance the project via a build-operate-transfer (BOT) or public-private partnership.
Under the BOT, investors would fund the construction and receive financial returns from the sale or rent of the homes.
* For more information on the Saudi Arabia construction market, visit the Construction Intelligence Center Report Store.