The Vision 2030 program has kick-started a series of socio-economic reforms in the Kingdom. The plan aims to transform all spheres of life in Saudi Arabia with a focus on improving the quality of life.

Every ministry and government agency is tirelessly working to carry out its responsibilities to achieve Vision 2030 objectives. The progress can be gauged through the data issued by government, non government and international bodies.

In a bid to boost the quality of life for its citizens, the Kingdom is taking measures to ensure home ownership for all.

Under Vision 2030, the Kingdom targeted an increase in homeownership to 60 percent by the end of this year, but it is believed to have surpassed that target. The aim is 70 percent by the end of the decade.

The Real Estate Development Fund (REDF) administers the money for the Ministry of Housing’s Sakani program.

Over the four years ending in June 2021, the REDF has provided subsidies of SR29.6 billion to more than 520,000 families, the fund’s CEO Mansour bin Madi said. 

Sakani has helped 124,208 families with housing solutions and options between January and July this year, including 97,822 families who were able to move into new homes.

These measures have given a new impetus to the Kingdom’s real estate sector. 

Today, the sector presents immense investment opportunities for real estate developers. The Saudi market is not only attracting international developers, it is witnessing growth of smaller companies who are taking full advantage to avail the opportunities in the market.

This upswing in the Saudi real estate market is likely to continue for the next 10 years, as there is ample room for several players to fulfill the Kingdom’s housing requirement.

The Housing Ministry is also seeking partnerships with real estate giants in the Kingdom to begin several projects in various parts of Saudi Arabia.

The government is offering several incentives to foreign companies willing to work in the Saudi market and contribute to the growth of the real estate sector and the overall economy of the Kingdom.

Saudi Arabia is going through a unique phase of transformation, which presents opportunities for all to grow and help the Kingdom grow.

• Khaled Almobid is the CEO of Menassat Realty Co., a Riyadh-based real estate developer. Twitter: @khaledalmobi