Sixteen Saudi government entities, ministries, and authorities launched a new Housing Program in Riyadh on Monday, as part of the Kingdom’s Vision 2030 reforms, the information ministry said in a statement.
The program aims to raise home ownership among Saudi citizens to 60 percent by 2020 and to 70 percent by 2030.
The initiative will improve the housing sector through four main aspects: providing various options for affordable residential units, enabling citizens to easily obtain financing, working on housing laws and regulations, and improving the quality of housing services.
The program will help citizens own their first homes, strengthen the housing sector in order to attract more investors.
It will also encourage the private sector to participate in financing the housing sector at reasonable interest rates.
In addition, the Kingdom aims to increase the number of developers involved in housing projects, and boost participation of the non-profit sector in funding housing projects for the needy, the statement said.
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