Saudi Developmental Housing Program for 10,000 Homes

The Saudi Developmental Housing Program signed a tripartite agreement with Alwaleed Philanthropies and the National Developmental Housing Corporation (Sakan), to provide 10,000 housing units with a total value of more than SR2 billion ($533 million) to families most i

BY Realty Plus
Published - Saturday, 10 Jul, 2021

Saudi Developmental Housing Program for 10,000 Homes

The Saudi Developmental Housing Program signed a tripartite agreement with Alwaleed Philanthropies and the National Developmental Housing Corporation (Sakan), to provide 10,000 housing units with a total value of more than SR2 billion ($533 million) to families most in need, to enable them to own a home. The largest agreement in the developmental housing sector is an extension of several previous agreements concluded with NGOs and donor institutions. This brings the total units that will be provided to families to 38,000 housing units serving more than 200,000 individuals with a contribution from the third sector that exceeded SR9 billion. This tripartite cooperation comes within the framework of activating the housing sector’s participation in national development programs, and increasing its economic and social impact in the Kingdom, said Minister Majid bin Abdullah Al-Hogail. Supply of new housing units in Saudi Arabia surged in the first quarter as the government’s Sakani and Wafi programs drove the building of affordable housing. Over the past year, 344,000 housing units were built in the Kingdom.