Saudi: 52% of citizens to own a house under national plan

Minister of Housing Majed Al-Hoqail said focus is on making real estate an attractive sector for all those concerned with it despite the challenges facing it. (Reuters)

Minister of Housing Majed Al-Hoqail said that the main goal of his ministry under the National Transformation Program 2020 (NTP) is to enable at least 52 percent of Saudis possess a house of their own.

The ministry will implement 21 initiatives costing a total of more than SR59 billion, he said in remarks while addressing a joint press conference to brief on four ministries’ roles in implementing the NTP.

Minister of Economy and Planning Adel Fakeih, Minister of Health Tawfiq Al-Rabiah, and Minister of Education Ahmed Al-Isa also attended the press meet, the Saudi Press Agency reported.

Al-Hoqail said the ministry’s focus is on making real estate an attractive sector for all those concerned with it despite the challenges facing it.

Quick guide to the Saudi transformation program

“The ministry will come out with plans and programs in the areas of boosting house financing, saving and meeting the demand in the market. The ministry’s strategic goals under NTP include improving the performance of the real estate sector and increase its contribution to the gross domestic product, boosting real estate supply, and raise productivity so as to make available of affordable and quality housing products, in addition to enabling citizens to get housing financing.”

Speaking to reporters, Fakeih said the citizen is a partner in the follow-up of the government’s initiatives within the NTP. He stressed that there is an opportunity for citizens to comment objectively on everything that needs development or improvement, including levels of expected accomplishments and the completion of initiatives.

Fakeih said the National Center for Measuring Public Bodies, chaired by Saudi Deputy Crown Prince Mohammad Bin Salman, second deputy premier and minister of defense, and chairman of the Council of Economic and Development Affairs (CEDA), will be launched independently and separately as an implementation of the Vision 2030 tools during the coming months.

This article first appeared in the Saudi Gazette on June 10, 2016.

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Last Update: Wednesday, 20 May 2020 KSA 09:51 - GMT 06:51
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