Public Housing Project in Mecca may move to private hands
According to Al-Watan newspaper, a senior source at the Real Estate Development Fund in Saudi Arabia confirmed that the Fund is currently considering to pass the Public Housing Project in Mecca to the private sector's hands. The execution of this project, which consists of 1,500 apartments, has been stopped for several years.
Many of Mecca's residents have applied for loans from the Real Estate Development Fund to own apartments in this project. The Fund is considering to give a chance to the private sector to complete and to invest in this project. The Real Estate Development Fund, established in 1974 (1394 AH), was set up to meet the needs and aspirations of the Kingdom's citizens by helping to raise the quality of life in society through the development of high quality housing. In its first five years, the Fund fulfilled its major objective by solving the housing crisis of the time engendered by the Kingdom's extraordinary pace of development.