More than US$ 29 billion worth of construction projects is expected to be awarded in Saudi Arabia as part of the government’s strategic development plans this year.

The country which is poised to sustain a 13% annual increase in government real estate expenditure to cover a surge in residential and commercial property demand is expected to need 18% more housing between now and 2013.

“Government expenditure will play a very important role in sustaining the real estate development activities across the country as the Kingdom continues to address the growing supply gap for residential spaces,” Omar Al Kadi, president and managing director, Injaz Development Company, said.

In line with the government’s efforts to drive more real estate projects in the country, Injaz Development Company which specialises in strategic real estate development projects for short and long-term investment has launched ‘Al Marina’ to provide a model development concept to help address the Kingdom’s real estate requirements.

“The best waterfront development award we received during Cityscape Jeddah 2011 confirms the success of Injaz in developing projects that support the development strategy of the Saudi Government,” Kadi said.

Injaz Development Company designs and builds projects that form ‘cities within cities,’ in the same mould as its flagship Al Marina development.

“Government expenditure will play a very important role in sustaining the real estate development activities across the country as the Kingdom continues to address the growing supply gap for residential spaces,” Omar Al Kadi, President and Managing Director, Injaz Development Company, concluded.