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The housing sector in Saudi Arabia is set to experience significant growth, with the government planning projects worth a whopping SR65 billion (approximately $17.3 billion). The Minister of Municipal and Rural Affairs and Housing, Majid Al-Hogail, shared some exciting developments in various regions of the country. In the futuristic NEOM city, a massive project called "The Line" is underway, aiming to accommodate a population of 9 million people by 2045. The focus here is on innovation and modernity.
In AlUla, a development plan is in place that prioritizes infrastructure and tourism facilities while preserving the environment and historical sites. Moving to Makkah, the "Masar Destination" project is designed to enhance the experience for visitors while preserving the city's spiritual and cultural significance. The "Central Jeddah" project aims to put the coastal city on the global heritage map, making it a notable destination. The Red Sea and AMAALA projects are geared toward establishing sustainable tourism sectors that will attract people from all over the world.
The minister also mentioned that there are numerous ongoing development initiatives in Riyadh, including the Sports Boulevard project. This project aims to draw in a diverse range of individuals, including pedestrians, cyclists, horseback riders, as well as those with an interest in art, intellectuals, and environmentalists.
Saudi Arabia is planning to expand residential suburbs throughout the country in the coming years. International real estate developers will play a significant role in these projects. The government aims to create a legislative environment that encourages investment and offers various financing options.
The National Housing Company (NHC) is also making strides in enhancing the quality of life for Saudi citizens. They have launched three residential projects in the Al-Forsan and Khuzam suburbs, providing a total of 86,000 housing units valued at over SR42 billion. The Al-Forsan project which is one of Khuzam's largest residential developments, will occupy a vast area spanning 10 million square meters. It will offer 27,750 housing units with various options to choose from.
The NHC is working on an integrated business project in the Khuzam suburb known as the "Khuzam Business Center." This project, spanning over 500,000 square meters, will provide essential facilities and services, including sports clubs, playgrounds, and green spaces that promote community engagement. The Khuzam area will also witness the development of a significant sports project, the "Khuzam Sports City," spanning an impressive 135,000 square meters. This project will feature a range of outdoor and indoor sports facilities.
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