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Business & Economy

Surplus ‘can be channeled into housing projects’

A number of Saudi economists and financial experts have called on the government to allocate more resources from the Kingdom’s budget surplus for 2012, estimated at SR 500 billion, to finance more housing and health projects.
The plea comes a day after Municipal and Rural Affairs Minister Prince Mansour bin Miteb launched construction of 25,000 new housing units in the Bay of Salman.
About 5,000 of these units will be completed in three years at a cost of SR 1.5 billion.
“We expect greater support for housing projects next year,” said Wadie Kabili, professor of economics at King Abdulaziz University in Jeddah. “We are also seeking more government efforts to fight unemployment,” he told Al-Madinah Arabic daily.
Ahmed Al-Zailaee, a member of the Shoura Council and professor of history and antiquities at King Saud University, said more government funds for residential projects would help ease the housing crisis.
The Jeddah Development and Urban Regeneration Company (JDURC) hosted Wednesday’s launching ceremony in the Bay of Salman.
Prince Mansour commended the Jeddah Municipality and JDURC’s leaders for their efforts in serving the nation and the well-being of Saudi nationals.

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