Saudi Gazette report

RIYADH — The International Monetary Fund (IMF) praised the great success achieved by the Housing Program, one of the programs of Saudi Vision 2030.

In its report issued after the conclusion of the “2024 Article IV Consultations,” the IMF emphasized that this program effectively contributes to achieving social and economic stability for citizens. The report affirmed that the Kingdom’s economy is witnessing rapid growth, citing its strong financial position. It pointed out that the Kingdom was the fastest-growing economy among the Group of Twenty (G20) in 2022, praising the progress made in implementing the set targets.

The report also highlighted that the Housing Program has achieved several tangible accomplishments, including a notable increase in home ownership rates among citizens to approximately 64 percent, a rise in beneficiary satisfaction with the services provided to over 90 percent, and an increased diversity of available housing options.

The Housing Program has launched many qualitative initiatives that have provided innovative housing and financing solutions to meet the needs of citizens. This has been achieved through the Sakani program affiliated with the Ministry of Municipal and Rural Affairs and Housing, as well as the financing options offered by the Real Estate Development Fund, the regulations created by the Real Estate General Authority, and the projects and residential suburbs implemented by the National Housing Company.

All of these have strengthened the Kingdom’s position in attracting massive investments in the housing sector. These achievements reflect the insightful vision of the Saudi leadership, which has made providing suitable housing for citizens a top priority, and thus contributing to the continuous growth of non-oil GDP in Saudi Arabia