Latest news with #NationalDevelopmentHousingFoundation
Arab News
03-05-2025
- Business
- Arab News
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
Asharq Al-Awsat
29-04-2025
- Business
- Asharq Al-Awsat
Saudi Arabia: Regional Security Demands Swift Implementation of Fair Solution to Palestinian Cause
The Saudi government stressed on Tuesday that the security of the Middle East demands the swift implementation of a just and comprehensive resolution to the Palestinian cause, in line with international resolutions and the 2002 Arab peace initiative. The solution must ensure the establishment of an independent Palestinian state according to the 1967 border and east Jerusalem as its capital. Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chaired the Cabinet meeting in Jeddah. He briefed the Cabinet on his recent meeting with Jordan's King Abdullah II and meeting with Indian Prime Minister Narendra Modi. The Cabinet commended the outcomes of the second meeting of the Saudi-Indian Strategic Partnership Council, highlighting the expanding economic, trade, and investment relations between the two nations, as well as efforts to strengthen bilateral cooperation in other sectors. The Cabinet reviewed the Kingdom's extensive participation in regional and international forums, underlining its commitment to supporting collaborative efforts aimed at addressing current challenges and promoting global stability and prosperity The Cabinet underlined the Kingdom's ongoing commitment to expediting Syria's economic recovery. It reiterated its call for regional and international financial institutions to resume and expand their operations in Syria, supporting the aspirations of its people for a brighter future and decent living standards. Domestically, the Cabinet praised the diligent efforts of government agencies that have contributed to the significant achievements of Saudi Vision 2030 as it approaches its ninth year. It noted the remarkable progress outlined in the Vision 2030 Annual Report 2024, which revealed that 93% of the targets across national programs and strategies have been met or exceeded. The Cabinet discussed the third phase of Saudi Vision 2030, slated for 2026 that will concentrate on sustaining the impact of the transformations, capitalizing on emerging growth opportunities, diligently monitoring and strengthening existing initiatives, and further aligning plans and programs with the overarching Vision 2030 to foster greater economic diversification and growth. Moreover, the Cabinet commended the outcomes of the recent Saudi Statistics Forum held in Riyadh, which marked the 65th anniversary of the establishment of statistical work in the Kingdom. It acknowledged the sector's significant advancements in international indicators and its vital role in sustainable development, improving service quality, and driving economic and social growth. The Cabinet highlighted the generous SAR1 billion donation by Crown Prince Mohammed to the National Development Housing Foundation, reflecting his unwavering dedication to improving the lives of citizens and his sustained focus on housing initiatives that provide suitable homes for deserving families throughout the Kingdom.
The National
29-04-2025
- Business
- The National
Saudi Crown Prince donates 1 billion riyals to support housing ownership
Saudi Crown Prince Mohammed bin Salman has donated 1 billion Saudi riyals ($266 million) to support housing ownership projects for eligible beneficiaries and families in need. The donation on Monday came from his personal fund to the National Development Housing Foundation's Jood Eskan platform. It was ordered that the project should be completed within 12 months and implemented by national companies. This reflects Prince Mohammed's ongoing commitment 'to ensuring a decent standard of living for all citizens', the official Saudi Press Agency reported. It also underlines his 'dedication to the housing sector and his particular focus on supporting deserving families', added SPA. He also directed authorities to submit monthly reports on the progress of home ownership in order to ensure that all housing units are completed within the one-year period, as well as for transparency and accountability. Saudi Minister of Municipalities and Housing Majed Al Hogail thanked the Crown Prince for his generosity. 'A generous donation that embodies His Highness's awareness of the citizens' needs and his keenness to provide a dignified life and achieve social stability,' wrote Mr Al Hogail on X. Jood Eskan also took to X to express gratitude for the donation, saying it reflected a 'deeply rooted approach to giving, and generous care for deserving families across various regions of the Kingdom'. Last month, Prince Mohammed ordered measures aimed at stabilising the real estate sector, in response to rising land and rent prices in Riyadh. NO OTHER LAND Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal Stars: Basel Adra, Yuval Abraham Rating: 3.5/5 Ahmed Raza UAE cricket captain Age: 31 Born: Sharjah Role: Left-arm spinner One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95 T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28 At a glance Global events: Much of the UK's economic woes were blamed on 'increased global uncertainty', which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump's tariffs. Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. 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Asharq Al-Awsat
28-04-2025
- Business
- Asharq Al-Awsat
Saudi Crown Prince Donates SAR1 Bln to Support Housing Ownership within 12 Months
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister, has made a substantial personal donation of SAR1 billion to the National Development Housing Foundation's (Sakan) Jood Eskan, generously contributing to facilitating homeownership for eligible beneficiaries and families in need. Reflecting his commitment to ensuring a decent standard of living for all citizens, Crown Prince Mohammed has mandated the swift completion of these housing projects within 12 months, directed that national companies execute the projects, and required monthly progress reports on the ownership process to ensure transparency and accountability. This donation underscores the Crown Prince's ongoing dedication to the housing sector and his particular focus on supporting deserving families. Recognizing the pivotal role of stable housing in fostering social well-being and driving developmental progress, the initiative aims to provide thousands of families with the security and opportunity they need to thrive.
Arab News
28-04-2025
- Business
- Arab News
Crown prince donates SR1bn for Saudi housing projects
RIYADH: Saudi Crown Prince Mohammed bin Salman pledged an SR1 billion ($266 million) donation on Monday to support housing projects for eligible Saudi beneficiaries and families in need. The donation at his own private expense to the National Development Housing Foundation aims to help beneficiaries achieve home ownership. It reflects the prince's 'continuous attention and support for providing a decent life for citizens, by supporting the initiatives and projects aimed at providing housing for them in various regions of the Kingdom,' the Saudi Press Agency reported. The crown prince has mandated that the housing projects designated for donation be completed within a period not exceeding 12 months, and that they are implemented by national companies. He also ordered authorities to submit monthly reports on the progress of home ownership, in order to ensure the handover of all housing units within one year as well as transparency and accountability.
