SR3bn plan to build houses for the needy

TAIF: The Ministry of Labor and Social Development is preparing to launch a major project to provide housing for social security beneficiaries and those in need of housing support.
The program involves cooperating with the private sector to provide housing units through BOT and PPP systems, as well as providing housing to widows and orphans through charities and orphanages in cooperation with the Ministry of Housing and the charity fund.
Government support of up to SR3 billion will be provided to the program, which aims to provide housing units to those most in need and are unable to secure their own housing.
The BOT system is one of the means of achieving this objective by providing funding to basic infrastructure projects without affecting or compromising the state budget. Investors bear the financial burdens of the project, serving as an institution, or local or international company, and receive financial returns obtained from operation.
This approach reduces financial or financing burdens, as well as associated risks on the state, while helping the state carry out investments in setting up different projects.
Other advantages are that it helps benefit from expertise in the operation and management of projects, technology transfer and advanced project management tools.
The PPP system is a joint system between the private sector and the government.