Saudi Arabia has kicked off a new project near the capital Riyadh comprising 628 villas within an ongoing programme to expand citizens' house ownership to more than 70 percent by the end of 2030, local newspapers said on Thursday.

"Almuhannadiya" is located in the Northern outskirts of Riyadh and has an area of around 370,000 sq km, the papers said.

The National Housing Company (NHC), an affiliate of the Saudi Housing Ministry, is undertaking the project in collaboration with private developers.

"This is part of a large housing project near Riyadh undertaken by the Company in cooperation with a number of developers," NHC's CEO Mohammed Al-Butti said.

He said three other projects launched in the previous months comprise more than 2,300 houses, apartments and villas.

Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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