Alwaleed Philanthropies grants housing, car projects to 332 Saudi beneficiaries

Updated 13 September 2015
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Alwaleed Philanthropies grants housing, car projects to 332 Saudi beneficiaries

RIYADH: Alwaleed Philanthropies, chaired by Prince Alwaleed bin Talal, believes in helping to provide a better life for its citizens.
Community development is one of its main focus areas and as part of the 10,000 housing units and 10,000 cars to Saudi citizens program, the first and second groups of Saudi male and female beneficiaries have already received their housing units and cars.
Alwaleed Philanthropies aims to improve the living standards of citizens through various community development programs. One of its major initiatives is the housing and cars program to Saudi citizens who are eligible as per the criteria preset by Alwaleed Philanthropies. The housing program is a continuation of the prince’s commitment to provide 10,000 housing units for female and male Saudi beneficiaries.
Alwaleed Philanthropies aims to cover individuals who are not eligible to the housing program offered by the Ministry of Housing.
Affording a home is a major concern to most Saudi citizens nowadays. Rent is a big burden weighing on the family’s budget, especially since majority of the families are young.
According to the latest official population census of the Kingdom, youth constitutes the majority of the Saudi people.
The housing and cars initiatives aim to provide savings, whether on transportation or rent, to allow extra disposable income to these families.
Therefore, Alwaleed Philanthropies is continuing its housing initiative as part of the promise of providing 10,000 housing units for 10,000 Saudi families; that is, approximately 60,000 Saudi citizens since the average of each family in Saudi Arabia includes around six members.
This initiative will be ongoing for the next 10 years. Eligibility criteria are clearly defined on Alwaleed Philanthropies website.
Each year, Alwaleed Philanthropies distributes 1,000 units to beneficiaries who are not eligible to the aid provided the Ministry of Housing. The housing initiative has already distributed 1,240 units thus reaching 10,558 female and male Saudi citizens.
According to Alwaleed Philanthropies research findings, affording a home is a major concern to most Saudi citizens nowadays.
The housing and cars initiatives, aim to provide savings, whether on transportation or rent, to allow extra disposable income to these families. This disposable income will be used to improve their standards of living.
Alwaleed Philanthropies worked for 35 years to support and initiate projects in 94 countries, regardless of gender, race or religion. It collaborates with a range of philanthropic, government and educational organizations to combat poverty, empower women and youth, develop communities, provide disaster relief and create cultural understanding through education.


Saudi finance ministry closes book on March sukuk issuance — agency

Updated 26 March 2019
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Saudi finance ministry closes book on March sukuk issuance — agency

JEDDAH: Saudi Arabia’s finance ministry has closed the book for investors seeking to take part in its March 2019 sukuk issuance program, which aims to raise 6.075 billion riyals ($1.62 billion), the Saudi press agency reported on Monday.
The sukuk are divided into two tranches of 10 and 15 years. The first tranche is for 2.395 billion riyals of 10-year bonds, and the second is for 3.680 billion riyals of 15-year bonds to mature by 2034.