Housing Program

Before the launch of Vision 2030, families in Saudi Arabia could wait up to 15 years to receive housing support. Today, that support is instant.

Families are the cornerstone of a vibrant society, and the Kingdom acknowledges every family's desire to experience the safety and security of owning a home – a haven of comfort, where memories are created and milestones celebrated. By easing access to financial support, streamlining processes and digitizing documentation, homeownership increased from 47% to more than 60% in the end of 2022.

ABOUT Project

Launched in 2018, the Financial Sector Development Program was instituted with a mission to bring about positive change in the financial industry of Saudi Arabia, with a concentration on banking, insurance, stock markets, and debt markets. By aiding financial institutions in the Kingdom to become more robust and competitive, the Program is propelling the growth and progression of the Kingdom’s financial market.

The Program works hand-in-hand with the Saudi Central Bank (SAMA) to provide banking services that are more accessible. By investing in technology and offering a wide range of financial products and services, the Program is committed to contributing to the stability and growth of the banking system to make it even more convenient. It has also collaborated with the Capital Market Authority (CMA) to establish an evolved capital market that offers a range of products.

The Program is working tirelessly to modernize the financial landscape in Saudi Arabia by updating laws and regulations to meet the highest international standards.

With its dedication, the Program has already accomplished some amazing feats, such as launching its forward-thinking FinTech strategy, granting licenses to three cutting-edge digital banks, and establishing a Financial Academy to train and develop future financial leaders.

Since the Program’s launch, the Saudi Capital Market (Tadawul) is now counted among the top 10 largest markets globally, listed on the leading international indices such as MSCI, S&P Dow Jones, and FTSE Russell.

The Program is staying abreast of the latest global trends to guarantee a contemporary, inventive financial system that fosters entrepreneurship, propels private sector growth, and positions Saudi Arabia as a leading destination for FinTech companies.

The Housing Program is transforming Saudi Arabia’s housing sector, working to ensure all people in the Kingdom can enjoy better lives in their own homes.

H.E. Mr. Majed Bin Abdullah AlHogail teve Jobs
Chairman of the Program, Minister of Municipal, Rural Affairs, and Housing, & Member of the Council of Economic and Development Affairs