The kingdom’s new housing program, announced on Monday, also includes an 18 billion riyal loan-guarantee program to boost access to funding, and 12.5 billion riyals to support home down-payments, all to be spent through 2030, Housing Minister Majed Alhogail said in an interview.
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“We want to change that completely,” Alhogail said. “It’s a very generous program. It’s enabling the private sector, reducing their risk to a certain level.”
The new funding is part of a push to lift home ownership among Saudi citizens from 50 percent to 60 percent by 2020. Housing policy is an especially sensitive plank of Crown Prince Mohammed bin Salman’s economic transformation plan, dubbed “ Vision 2030,” as many Saudis say they’re unable to afford homes or obtain financing.
The crown prince, the kingdom’s 32-year-old predominant leader, is seeking to reduce the population’s reliance on state spending without triggering a public backlash.
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