Riyadh, Jeddah record delivery of over 9,000 homes in Q1 – ZAWYA

Riyadh, Jeddah record delivery of over 9,000 homes in Q1 – ZAWYA

With the kingdom's leadership working on its ambitious plan to boost home ownership to 60 per cent by the year-end, the delivery of residential units for Saudi nationals in Riyadh and Jeddah remained active during the opening quarter.. The Sakani program is being delivered under Vision 2030 and was launched to provide more than 500,000 residential units across the kingdom, costing an estimated SR500 billion.. In Riyadh, a total of 7,500 units had been delivered in the first three months, while in Jeddah, the number had reached 1,800, it added.. In the office sector, the drop in oil prices combined with shifts in the work environment towards remote working practices has resulted in a slowdown in demand for office space.. As with other markets around the world, the hospitality industry in Saudi Arabia kicked off the year strongly, with occupancy rates in Riyadh and Jeddah, registering improvements in the year-to-February 2020 when compared to the same period last year, recording 74% and 58% respectively..