Saudi Arabia undertakes momentous social reforms in conjunction with Vision 2030 — the ongoing large-scale project known as Sakani program that comes under the Kingdom's Building Technology Stimulus Program, adopted by the Saudi ministry of housing, constitutes an essential part of these reforms.
The program mainly targets developing smart, affordable, and sustainable housing units for the future. By offering different financing solutions, Sakani program significantly contributes to boosting Saudis' home ownership by increasing Saudi house owners' percentage from only 47 percent to 52 percent by 2020.
In 2018, over 300,000residential products were provided to Saudi citizens by the ministry of Housing,which assigned setting up the villas and townhouses in Riyadh, Jeddah,Buraidah, and Al Khobr to four property developers, in partnership with theprivate sector. Each project includes facilities, mosques,parks, and government agencies. The Real Estate Development Fund provided280.000 Saudi families, from different income groups and family sizes, withfinancial assistance.
Housing units are transparentlyallotted to Saudi citizens through the ministry's website upon publication on amonthly basis for three years. Top priority is given to the most in need cases,including widows, divorcees, those with special needs and financialdifficulties.
The new system is projected to bring down the beneficiaries' waiting list at the Real Estate Development Fund by 48 percent, leading in turn to reduce the waiting period for the residential units to 5 years instead of 11 years. This will be through speeding up construction and providing Saudi citizens with affordable yet good housing.
Mostof Sakani's housing units are constructed using non-traditional techniques thateach unit is built in onlytwo days, as reported. In 2018, the first'48-hour' house was built in Dammam and has been already delivered to its newowner. Stimulating the constructionindustry would help to boost the Kingdom's economy in alignment with theprincipal objectives of the national Vision 2030 reform plan.
