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RIYADH, March 3 (Xinhua) -- Saudi housing ministry asserted that the investment in the property sector is expected to exceed 133 billion U.S. dollars to build 1.5 million houses in the few coming years, Al Hayat newspaper reported on Thursday.
The ministry is expecting good revenues of the investment in the property sector and the whole economy, despite the fact that the contribution of the housing projects to the Saudi GDP is relatively low.
Housing ministry undersecretary Ali Al Jaber told the paper that the revenues of the property sector was 34 billion dollars in 2010, which represented 4.9 percent of the GDP of that year and only 8.3 percent of the total non-oil revenues.
Saudi Arabia has been taking serious steps to enhance the revenues of all economic sectors to get ready for the post-oil era, including the attraction of foreign investment and business-friendly policies.
