$96m venture for Saudi homes

Saudi Arabia’s Ministry of Housing has set up a SR98 million ($26 million) partnership with a private developer to build 462 housing units in the east of the capital, it said.

It is the ministry’s first public-private partnership and could become a model for the kingdom’s home construction plans, which aim to make home ownership more accessible for Saudis. The project involves building 426 duplex units and 36 single home villas priced between SR530,000 and SR590,000 ($141,000-$157,000).