In the country's largest oil exporter in the world, there is a severe housing shortage. To solve this problem in the abroad property decided to create a new Ministry of Housing.
Rapid population growth and the influx of migrant workers in Saudi Arabia led to a serious housing problem. According to official sources, the kingdom is missing 1.65 million new homes.
To meet existing demand, both private and public developers over the next five will be required to annually build 275 thousand houses, reports Reuters.
Last week, King Abdullah has promised to spend $ 66.7 billion in the form of social grants for the construction of 500 thousand new homes. Thus, the ruler of the kingdom is trying to prevent public protests that swept the neighboring Arab states - Bahrain, Yemen and Oman.