The low global supply of housing for the middle and low-income segment is creating a high demand for affordable housing. The combination of rapid population growth and increased urbanisation is responsible for the housing shortage. Emerging countries, with over 40% of the population under 30 years old, have an increased demand estimated to be more than 44 million units.

Red Sea Housing Services  (RSHS), which was established as a venture philanthropy initiative, designs, plans, produces, manages, leases, and operates integrated communities and standalone housing neighbourhoods in more than 65 countries, and has been for over 4 decades. RSHS has completed over $1 Billion worth of projects from its manufacturing facilities in Saudi, UAE, Ghana, PNG, and Malaysia. They build structures with high quality, cost efficient, and rapid building methods which are affordable and sustainable. Construction materials include concrete, Expanded Polystyrene (EPS) panels, and PVC structures.

With The Kingdom of Saudi Arabia’s housing shortfall expected to increase from 700,000 houses to 2.4 million units by 2020, the government’s Real Estate Development Fund, established in 1974, will assist to help with finance and increase the home ownership rate. The Ministry of Housing announced through a royal decree that it has consolidated government land to accelerate the delivery of 500,000 units. This stimulus will provide not only profit, but have a sustainable social and economic impact.

On 12 August, 2017, a 12-month MoU was signed between the Red Sea Housing Services Company and AECOM Middle East Ltd. They will fast track modular affordable housing solutions with (RSH) to manufacture and deliver units from its factory, and AECOM will design, engineer, plan and project manage these housing projects. Red Sea Housing Services' CEO, William Ali Mills stated that, "The collaboration between RSHS and AECOM will provide an ideal platform to deliver quality homes in The Kingdom in a fast and efficient manner using our state-of-the-art technology, at affordable prices." "We are delighted to have signed this MOU with Red Sea Housing Services", said Hamed Zaghw, chief executive, AECOM Middle East, "By combining our knowledge of the local market, solutions for affordable housing, and our design and program management expertise, we will explore opportunities that support the priorities of the Ministry of Housing."

See also:

Is Japan forecasting the future of housing?

Mecca property prices surge

Buying a property in Saudi Arabia