Around 280,000 residential units will be constructed in Saudi Arabia at a total investment cost of USD 32 bn within three years, according to a Saudi Housing Ministry statement.

The launching of new homes comes as part of a housing program that will include 120,000 units constructed in different areas across the kingdom and provided to citizens based on their monthly income and the number of family members.

The new homes will be built on 75,000 residential land plots across several cities and the government is to financially support up to 85,000 deserving citizens within one year through a partnership between the state and Real Estate Development Fund, banks, and financial institutions.