Saudi Arabia aims to be among top G20 nations for home ownership: Housing Minister

Saudi Arabia aims to be among the top G20 countries in terms of home ownership, Minister of Housing Majid Al-Hogail said.

With the Saudi housing market growing by about 2.3% annually, the ministry wants to ensure that this ratio is maintained, while adding 2% to keep pace with market demand, Al-Hogail said during the virtual Euromoney conference held today, Oct. 1.

He pointed out that the housing sector supports the growth of more than 120 economic activities.

The sector is among the most important, as outlined in the Vision 2030, for its impact on economic growth, he said.

Al-Hogail clarified that the private sector is the main engine for implementing the housing strategy, affirming that the ministry, as a government entity, cannot implement it alone or play a major role in it.