King Orders Ministry to Allocate $67 Billion for Housing

Saudi Arabia’s King Abdullah bin Abdulaziz ordered the Ministry of Finance to distribute 250 billion riyals ($67 billion) to build housing units in the Arab world’s biggest economy, the official Saudi Press Agency said.

Land held by the Ministry of Municipal and Rural Affairs will be handed to the Ministry of Housing to build homes, the news service said, citing an order by the king. The Housing Ministry has full authority to implement the housing program, it said.