Housing Program Success: The IMF's report praises Saudi Arabia’s Housing Program, a key element of Saudi Vision 2030, for its significant impact on social and economic stability, with increased homeownership rates (approximately 64%) and high beneficiary satisfaction (over 90%).
Economic Growth: The Kingdom’s economy was the fastest-growing among G20 nations in 2022, reflecting strong financial health and effective implementation of economic targets.
Strategic Initiatives: Key components of the Housing Program, including the "Sakani" initiative, various financing options, and regulatory frameworks, have enhanced housing accessibility and attracted major investments, contributing to the growth of Saudi Arabia’s non-oil GDP.
Riyadh, September 6, 2024 – In its latest evaluation, the International Monetary Fund (IMF) has commended Saudi Arabia’s Housing Program as a standout success under the Saudi Vision 2030 initiative. The IMF’s report, released following the "2024 Article IV Consultations," underscores the program’s pivotal role in fostering both social and economic stability for the Kingdom's citizens.
The IMF’s assessment highlights Saudi Arabia’s impressive economic trajectory, noting its rapid growth and strong financial position. The Kingdom’s economy emerged as the fastest-growing among the Group of Twenty (G20) nations in 2022, reflecting the effectiveness of the strategic targets set by its economic policymakers.
Central to the IMF’s praise is the Housing Program, which has achieved notable milestones. Homeownership rates have surged to approximately 64%, demonstrating a substantial increase in the proportion of citizens who own their homes. Additionally, beneficiary satisfaction with housing services has risen to over 90%, indicating a high level of approval and positive impact on the lives of Saudi residents. Furthermore, the diversity of available housing options has expanded significantly, catering to a broader range of needs and preferences.
The success of the Housing Program is attributed to a series of innovative initiatives and strategic efforts. The "Sakani" program, administered by the Ministry of Municipal and Rural Affairs, has played a critical role in providing tailored housing solutions. Complementing this, the Real Estate Development Fund has introduced various financing options, while the Real Estate General Authority has established supportive regulatory frameworks. Additionally, the National Housing Company has executed numerous residential projects and developed new suburban areas.
These coordinated efforts have not only improved housing accessibility and satisfaction but have also enhanced the Kingdom’s appeal as a destination for substantial investments in the housing sector. The achievements of the Housing Program are seen as a testament to the visionary leadership of Saudi Arabia, which has prioritized the provision of adequate and affordable housing for its citizens as a cornerstone of its economic and social strategy.
This concerted focus on housing has had broader economic implications, contributing significantly to the growth of Saudi Arabia’s non-oil GDP. The IMF’s report reflects a recognition of the Kingdom’s successful execution of its Vision 2030 objectives and its continued advancement towards a more diversified and resilient economy.