Investments in housing sector
Since the announcement of Saudi Vision 2030 and its related programs, investment has been the buzzword frequently making its rounds. Investment programs, based on public-private partnership and on foreign capital and expertise, are being efficiently led by the Public Investment Fund.
The Fund is preparing for one of the most important international investment-related events – the forthcoming launch of the Investment Future Initiative under the auspices of Custodian of the Two King Salman bin Abdulaziz in Riyadh. The Initiative will present new possibilities to explore opportunities in emerging sectors. The Initiative is to be launched in the presence of 150 prominent speakers, who will outline the future of investments and the economy worldwide.
Meanwhile, the Housing Ministry is also adopting a similar approach that is supportive of development and investments. It has announced plans for more than 30,000 finance and housing products, paving the way for increasing the house ownership rate to 52%, a target set by the Ministry for 2020. It is indeed noteworthy that the Ministry has achieved 75% of the targeted housing and finance projects for this year.
One would say that real development is the one that is reflected in fulfilling the key social requirements of education, health, security and housing. These four sectors have undergone radical changes as seen in their restructuring and reorganization, commensurate with the future vision of the various components of development. At the same time, they are consistent with the existing trend of empowering the private sector as a principal partner in the developmental process.
The Housing Ministry’s encouragement to the private sector to participate in the development and financing of more than 1,500,000 housing units is indeed praiseworthy. We are sure that such steps will have a positive impact on the government’s dedicated efforts to solve housing-related problems, stabilize land prices and increase the supply and demand rate, particularly so after levying fees on idle land. We are indeed hopeful that these steps will bear fruit and help attract qualitative investments in all domains.