Saudi Entities Sign Housing Deal to Support Vulnerable Families

This partnership builds on a previous agreement that secured housing for 1,000 families

RIYADH: The National Developmental Housing Foundation, known as Sakan, and the Social Development Bank have partnered to provide 4,000 housing units for eligible families across Saudi Arabia as part of the second phase of the Joud Regions campaign.

The agreement was signed during a ceremony attended by Minister of Municipalities and Housing Majed Al-Hogail, Minister of Human Resources and Social Development Ahmed Al-Rajhi, and Deputy Minister of Interior Nasser Al-Dawood.

This partnership builds on a previous agreement that secured housing for 1,000 families. The initiative directly supports Vision 2030’s goal of increasing homeownership rates among citizens, the Saudi Press Agency reported on Sunday.

Sakan Secretary-General Abdulaziz Al-Karidis and Social Development Bank CEO Sultan Al-Humaidi signed the agreement.

Al-Humaidi confirmed that the agreement is part of the bank’s efforts to strengthen strategic partnerships that provide sustainable financing solutions.

He noted that cooperation with Sakan through the construction completion program will help eligible families complete their housing units.

The program aims to finance 5,000 beneficiaries nominated by Sakan from social security recipients and similar categories, according to SPA.

Al-Humaidi said: “At the Social Development Bank, we are committed to leveraging our capabilities to support the most vulnerable groups and enable them to access suitable housing.

“We believe housing stability is key to enhancing quality of life and achieving the Kingdom’s Vision 2030 targets of increasing homeownership rates among citizens.”

Al-Karidis explained that the agreement is part of efforts to develop sustainable solutions for eligible families and highlighted the bank’s crucial role in supporting housing empowerment for beneficiaries.

He thanked the attending ministers for their continued support of developmental and housing initiatives, emphasizing that this collaboration reflects the integration of concerned entities to achieve Vision 2030 goals of providing suitable housing and enhancing quality of life.

Meanwhile, the Joud Regions campaign headquarters was inaugurated at Misk City in Riyadh on Saturday under the patronage of Al-Hogail.

During the ceremony, the regional governors announced their participation in the initiative, demonstrating strong support for community programs aimed at enhancing housing stability for citizens.

Al-Hogail expressed his gratitude to King Salman and Crown Prince Mohammed bin Salman for their generous support of the campaign, which included an SR150 million ($40 million) contribution, and for their ongoing interest in supporting developmental housing programs and community initiatives.

He emphasized that the campaign embodies the spirit of social solidarity and strengthens the partnership between the government and the community in achieving the objectives of Vision 2030.

Al-Karidis also praised the vital role of governmental, nonprofit entities, and individuals in supporting housing initiatives that help ensure housing stability for needy families.

The initiative allows both citizens and residents to contribute to housing support for vulnerable families through the Joud Housing platform and application, furthering national efforts to enhance quality of life and promote sustainable development in the housing sector.