Sunday, 21 January 2018 06:18 GMT

Saudi to build USD66 b housing units

(MENAFN) Saudi Arabia plans to invest USD66.6 billion in 500,000 new low-cost housing units across the Kingdom, according to Arab News. Finance Minister Ibrahim Al-Assaf said: "This project has nothing to do with annual budgets. Every year we sign new contracts for constructing housing units and payments for them are made from the SR250 billion allocated for the purpose. This project will not be affected by any negative developments." The finance minister will be able to take loans or transfer from reserves as per requirements, especially to pay public debts.

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