Saudi Arabia has launched a new project comprising more than 1,000 houses within a massive programme launched 10 years ago to expand citizens’ house ownership.

The latest project is located South of the Red Sea Port of Jeddah and costs nearly 800 million Saudi riyals ($213 million), the Arabic language daily Aleqitsadia said on Sunday.

The project is owned by the National Housing Company (NHC) and is part of “Al-Sadan Community” that comprises more than 5,500 units, the report said.

“We have just launched our part of the project….there are eight developers involved in Al-Sadan but we are the main developer,” Al-Sadan’s Director General Fahd Al-Jaser said.

He noted that the latest project includes three housing types with prices averaging SAR750,000 ($200,000) and that it would be completed in 2027.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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