Latest news with #TalatZakiHafiz
Arab News
03-05-2025
- Business
- Arab News
Crown prince fuels housing vision with SR1bn support
In a historic initiative to promote homeownership among Saudi citizens, especially those with the greatest need and lowest incomes, Crown Prince Mohammed bin Salman has donated SR1 billion ($266.6 million) to the National Development Housing Foundation, known as Sakan, via the Jood Eskan platform. With a vision rooted in generosity and national pride, the crown prince has mandated that all housing projects funded by this donation be completed within 12 months, using national companies for implementation. He has also emphasized transparency and accountability through monthly progress reports, showcasing his commitment to swiftly delivering housing to deserving families. The initiative aims to uplift thousands of citizens, ensuring them a dignified life and reinforcing social stability, while reflecting his broader dedication to sustainable development and inclusive growth in the Kingdom. The donation will significantly strengthen Sakan, accelerating the delivery of homes to eligible citizens, building on the 47,000 homes already provided. The crown prince's SR1 billion donation underscores a commitment to expanding homeownership and ensuring greater access to affordable housing for Saudi families It will also support the Saudi government's housing efforts, advancing homeownership opportunities for citizens and helping to meet the ambitious goal of 70 percent homeownership by 2030. Before the Housing Program launched in 2018, Saudi families waited up to 15 years for housing support. Now, thanks to government initiatives, homeownership can be secured instantly, transforming access to housing and improving quality of life. By improving access to financial support, simplifying procedures and digitizing documentation, homeownership surged from 47 percent to more than 65.4 percent by 2024, surpassing the interim target set within Saudi Arabia's Vision 2030. This achievement reflects the success of government efforts, particularly through programs such as Sakani and the Real Estate Development Fund, in providing housing and financing solutions for citizens. This donation aligns with the crown prince's recent directive to stabilize the real estate market, directly supporting the government's strategy to increase housing supply and regulate property prices for greater affordability. The crown prince's SR1 billion donation underscores a commitment to expanding homeownership and ensuring greater access to affordable housing for Saudi families. By reinforcing efforts to boost housing supply and stabilize real estate prices, the initiative paves the way for a sustainable, inclusive and thriving housing sector for future generations. The crown prince's donation reflects his dedication to ensuring citizens enjoy dignified lives. It stands as a testament to his deep commitment to the housing sector, particularly initiatives that support deserving families, foster social stability and promote long-term development. • Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
Arab News
22-03-2025
- Politics
- Arab News
Keeping our cities clean: A shared responsibility
The Ministry of Municipalities and Housing recently launched an awareness campaign — 'Because It's My Country' — to promote compliance with municipal regulations across Saudi Arabia. The campaign aims to inspire efforts that enhance urban development, improve facility efficiency, and promote environmental sustainability. It is expected to positively impact the quality of life in Saudi cities, positioning them as ideal places to live. Key objectives include raising awareness among individuals and institutions about the importance of municipal regulations in improving the urban landscape. Additionally, the campaign highlights innovative, sustainable solutions for city growth while strengthening partnerships between the community and government entities. The campaign also aims to streamline procedures that encourage individuals and businesses to comply with regulations by leveraging modern technological tools such as Balady, an interactive platform that promotes community partnership and enhances service quality for beneficiaries by providing information that helps them make informed decisions, contributing to greater satisfaction with municipal services. Each of us must recognize the importance of our role in preserving the urban environment, keeping our cities clean, and enhancing their beauty — because our nation deserves to shine, always. The campaign aligns with Vision 2030, especially the Quality of Life Program, which aims to transform Saudi Arabia into a hub for sports, entertainment, and tourism, and into a country that ranks near the top of places people want to call home. It aims to enhance public awareness of the idea that the appearance of the Kingdom's cities reflects their inhabitants, embodying their culture and lifestyle. From this perspective, the campaign highlights the importance of keeping our roads clean and well-maintained, emphasizing our collective responsibility to protect them. The campaign underscores the undeniable truth that our homeland deserves to be even more beautiful, urging collective efforts to preserve its refined and civilized appearance. For example, this includes the commitment to remove construction waste and protect sidewalks and public facilities. It will also foster deep respect for the environment and a commitment to addressing any unsightliness caused by neglect. I firmly believe that adhering to municipal regulations is both a national duty and a fundamental societal value that everyone should uphold. Maintaining the beauty of our cities is a shared responsibility for everyone — citizens, government officials, business owners, and construction contractors alike. Each of us must recognize the importance of our role in preserving the urban environment, keeping our cities clean, and enhancing their beauty — because our nation deserves to shine, always. • Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
