Saudi Arabia to build over 1m homes to solve housing crisis

Saudi Arabia is taking an unprecedented hands-on role in housing finance and development as it seeks to re-energise a plan to build over 1m homes and make ownership more affordable.

The housing ministry plans to create its own development company and start a mortgage-guarantee fund to encourage banks to increase lending, said minister Majed al-Hogail.

“We are looking to improve the productivity of the local developers”, but also trying to attract international developers and teaming consultants and builders for some projects, he said.