Saudi Arabian Residential Suburb Investments Exceed SAR 140 Billion

Over SAR 140 billion have been invested in Saudi Arabian residential suburbs, Minister of Municipalities and Housing Majed Al-Hogail, announced during the third edition of Saudi Arabia’s Public Investment Fund Private Sector Forum in Riyadh.

Investments in these residential suburbs involve the partnership of 65 real estate developers.

Over SAR 24 billion have been invested in current municipal projects to enhance the country’s private sector. The total number of Saudi workers in the private sector exceeded half a million men and women working in more than 318,000 establishments.

According to the ministry, the Kingdom has recently adopted a change in its approach when dealing with urban development. Some of the changes include adopting a new generation of regional plans, and updating its municipal guides, requirements, and standards.

Saudi Arabia’s Public Investment Fund is a two-day event showcasing PIF, its portfolio companies, and the business opportunities offered to attract hopeful investors and suppliers.