Crown prince fuels housing vision with SR1bn support
In a historic initiative to promote homeownership among Saudi citizens, especially those with the greatest need and lowest incomes, Crown Prince Mohammed bin Salman has donated SR1 billion ($266.6 million) to the National Development Housing Foundation, known as Sakan, via the Jood Eskan platform.
With a vision rooted in generosity and national pride, the crown prince has mandated that all housing projects funded by this donation be completed within 12 months, using national companies for implementation.
He has also emphasized transparency and accountability through monthly progress reports, showcasing his commitment to swiftly delivering housing to deserving families.
The initiative aims to uplift thousands of citizens, ensuring them a dignified life and reinforcing social stability, while reflecting his broader dedication to sustainable development and inclusive growth in the Kingdom.
The donation will significantly strengthen Sakan, accelerating the delivery of homes to eligible citizens, building on the 47,000 homes already provided.
The crown prince's SR1 billion donation underscores a commitment to expanding homeownership and ensuring greater access to affordable housing for Saudi families
It will also support the Saudi government's housing efforts, advancing homeownership opportunities for citizens and helping to meet the ambitious goal of 70 percent homeownership by 2030.
Before the Housing Program launched in 2018, Saudi families waited up to 15 years for housing support. Now, thanks to government initiatives, homeownership can be secured instantly, transforming access to housing and improving quality of life.
By improving access to financial support, simplifying procedures and digitizing documentation, homeownership surged from 47 percent to more than 65.4 percent by 2024, surpassing the interim target set within Saudi Arabia's Vision 2030.
This achievement reflects the success of government efforts, particularly through programs such as Sakani and the Real Estate Development Fund, in providing housing and financing solutions for citizens.
This donation aligns with the crown prince's recent directive to stabilize the real estate market, directly supporting the government's strategy to increase housing supply and regulate property prices for greater affordability.
The crown prince's SR1 billion donation underscores a commitment to expanding homeownership and ensuring greater access to affordable housing for Saudi families.
By reinforcing efforts to boost housing supply and stabilize real estate prices, the initiative paves the way for a sustainable, inclusive and thriving housing sector for future generations.
The crown prince's donation reflects his dedication to ensuring citizens enjoy dignified lives. It stands as a testament to his deep commitment to the housing sector, particularly initiatives that support deserving families, foster social stability and promote long-term development.
• Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
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