DAMMAM – The Saudi Ministry of Housing is working on a regulatory framework to encourage the private sector to take on a greater role in ending chronic shortage in housing. Housing Minister Shwaish Al-Dowaihy said that the Ministry is currently working on the regulatory framework for public-private partnerships (PPP) and creating an incentive package for the private sector to get involved on these schemes. Speaking at the Euromoney Saudi Arabia conference recently, the minister said “having a suitable home is a basic need of every citizen, (and) housing is one of the Kingdom's strategic priorities.” According to latest statistics, almost 20 million Saudis are estimated to live in rented accommodation, and a shortage of housing has resulted in steep increases in rental prices. The Saudi Housing Ministry is expected to hand over the responsibility to the private sector for building homes for the first phase of its ambitious $70 billion housing program.
