Off the wire
• China Exclusive: New era, new chances for China's courier service sector  • Dutchman Haase first player to enter semi-final at 25th Dubai Open  • AfDB, EAC to discuss future cooperation  • Nearly 1.3 million rural teachers receive living subsidies in 2016  • Georgia, IMF agree on 285-million-USD program to stabilize financial market  • S. African cabinet abides by court ruling over ICC withdrawal: minister  • Roundup: Kurdish-backed group to hand over areas in northern Syria to gov't army  • China's new cruise ship starts maiden Xisha voyage  • Economic Watch: Busy digging machines mirror expanding economy  • Vietnamese badminton players advance on world rankings  
You are here: 　 Home

Saudi Arabia to invest 133 bln USD for 1.5 mln houses

Xinhua, March 2, 2017 Adjust font size:

Saudi housing ministry asserted that the investment in the property sector is expected to exceed 133 billion U.S. dollars to build 1.5 million houses in the few coming years, Al Hayat newspaper reported on Thursday.

The ministry is expecting good revenues of the investment in the property sector and the whole economy, despite the fact that the contribution of the housing projects to the Saudi GDP is relatively low.

Housing ministry undersecretary Ali Al Jaber told the paper that the revenues of the property sector was 34 billion dollars in 2010, which represented 4.9 percent of the GDP of that year and only 8.3 percent of the total non-oil revenues.

Saudi Arabia has been taking serious steps to enhance the revenues of all economic sectors to get ready for the post-oil era, including the attraction of foreign investment and business-friendly policies. Endit