https://arab.news/numcq
The housing sector in Saudi Arabia has undergone transformative developments in recent years, driven by the ambitious goals set forth in the Vision 2030 initiative.
At the forefront of this evolution is the Eskan Program, a key player dedicated to reshaping the landscape of homeownership in the Kingdom.
This initiative has been instrumental in addressing the housing needs of Saudi families and implementing strategic measures to achieve sustainable growth.
Aiman Saleh, CEO of the Eskan Program and deputy minister of housing and beneficiaries support at the Ministry of Municipal and Rural Affairs, articulated the strategic goals of the housing plan during the Real Estate Future Forum in Riyadh.
Stressing its alignment with Vision 2030, he highlighted the program’s mission is to create homeownership opportunities for Saudi families.
The CEO provided insights into the program’s three main phases, stating: “The first, spanning from 2018 to 2020, was named the construction phase. During this phase, we successfully transitioned from a market focused on contracting activities to real estate development industry.”
Regarding the second phase, he remarked: “We are exploring innovative ways to engage with the private sector, both in attracting global developers and in ensuring the continued growth of homeownership rates, aiming to reach a 70 percent homeownership rate by 2030.”
Detailing the ambitious targets, Saleh expressed that in 2030, the aim is to reach 1 million housing units, achieved through both the National Housing Co. and companies like ROSHN and others.
Meanwhile, the NHC had launched on Jan. 22 the “Rakaez” program, which includes initiatives to conserve spending, build a sustainable national economy, and enhance local capabilities.
Through Rakaez, the company aims to support local content, localize industries, and achieve strategic housing program goals.
The initiative has four developmental goals, enhancing national cadres, supporting local factories and small and medium enterprises, and increasing production efficiency.
Highlighting the adaptive nature of Eskan’s strategies, Saleh said: “In each phase, we have a strategy, but these strategies are reviewed and reconsidered to align with the challenges faced by us and the citizens.”
Addressing the impact of the Sakani program, one of the initiatives of Eskan, the CEO noted that more than 1.5 million citizens have benefited from it.
Additionally, Saleh shared significant statistics, saying: “In terms of real estate contracts, around 750,000 have been financed, with a total financing amount exceeding SR650 billion ($173 billion) from financing entities.”
Looking ahead, he stated: “Our aim is to achieve the necessary maturity that ensures the required sustainability in creating a balance between supply and demand in the third phase, which we target from 2026 to 2030. This will enable continuity beyond 2030.”