Al-Jadaan: Saudi Arabia Committed to Achieving Progress, Prosperity to Build Sustainable Future

Saudi Minister of Finance Mohammed Al-Jadaan (SPA)
Saudi Minister of Finance Mohammed Al-Jadaan (SPA)
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Al-Jadaan: Saudi Arabia Committed to Achieving Progress, Prosperity to Build Sustainable Future

Saudi Minister of Finance Mohammed Al-Jadaan (SPA)
Saudi Minister of Finance Mohammed Al-Jadaan (SPA)

Saudi Minister of Finance Mohammed Al-Jadaan said the annual meetings of the Islamic Development Bank Group, which kicked off in Riyadh on Saturday, under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz, represent an important platform to discuss means to boost cooperation among Islamic member countries and achieve sustainable and comprehensive development.

The annual meetings coincide with the IsDB’s golden jubilee, as the institution celebrates 50 years of promoting economic and social development in 57 member countries, under the slogan “Taking pride in our past, shaping our future: authenticity, solidarity, and prosperity”.

In a statement, Al-Jadaan said Saudi Arabia occupies a distinguished position on the global stage as one of the leading countries in hosting and sponsoring many major international events and conferences.

The Kingdom continues to support development programs and projects through the Islamic Development Bank Group, which reflects its firm commitment to achieving progress and prosperity and building a bright and sustainable future for the region and the entire world, he added.

Chairman of the IsDB Dr. Mohammad Al-Jasser stressed that the relationship between Saudi Arabia and the Group is a model of strategic partnership.

Addressing the first day of the meetings, Al-Jasser said the world needed long-term solutions. such as sustainable infrastructure projects, pointing to estimates that portend a large gap in infrastructure financing worth $15 trillion by 2040.

He also underlined that traditional public financing mechanisms were insufficient, adding that meeting the growing demand for infrastructure projects to confront these challenges and mobilize sufficient financing for long-term investments required a new approach.

“We stand at a crossroads as the Covid-19 pandemic has exposed infrastructure vulnerabilities, depleted public resources, and reversed progress in development,” Al-Jasser said.

He continued that the least developed countries have enormous economic potential waiting to be “unleashed,” and increasing investments in social and physical infrastructure is essential for reducing poverty, promoting health and education, and creating job opportunities.

The first day’s meetings featured a session entitled, “A Path to Prosperity: Multidimensional Poverty in the Member Countries of the Islamic Development Bank Group,” during which speakers discussed the use of the Multidimensional Poverty Index (MPI) in defining and addressing poverty.

They highlighted the work of the United Nations Development Program in Afghanistan and Yemen, and the importance of having a clear framework and up-to-date data to guide policy-making and interventions.

Participants discussed the need to rethink development financing for fragile sectors, emphasizing the importance of designing financial instruments to suit the circumstances of each country.

The speakers, including the Acting Director General of the Islamic Development Bank Institute, Dr. Sami Al-Suwailem, and Oxford University Professor Sabina Alkire, stressed the need for new economic frameworks and political decision-making to give priority to the marginalized, and the importance of using Multidimensional Poverty Index data in taking urgent action to create economic models that meet their needs.

Another panel session, entitled “Leveraging Islamic Finance to Develop Sustainable and Resilient Infrastructure”. addressed investments in infrastructure globally and explored the potential of Islamic finance, particularly Sukuk, in boosting investment in infrastructure projects.

The annual meetings will witness a plenary session of the Board of Governors of the Islamic Development Bank Group, and a round table meeting of governors to discuss the most important economic challenges facing Islamic countries, as well as future opportunities.



Saudi Arabia Expands Homeownership Eligibility in Government Housing Projects

A project by the Saudi Ministry of Rural Affairs and Housing. (Asharq Al-Awsat)
A project by the Saudi Ministry of Rural Affairs and Housing. (Asharq Al-Awsat)
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Saudi Arabia Expands Homeownership Eligibility in Government Housing Projects

A project by the Saudi Ministry of Rural Affairs and Housing. (Asharq Al-Awsat)
A project by the Saudi Ministry of Rural Affairs and Housing. (Asharq Al-Awsat)

Saudi Arabia’s Cabinet has approved a new decision allowing the Ministry of Municipal and Rural Affairs and Housing to sell residential units within its housing projects to individuals who are not beneficiaries of government housing support. Real estate experts view the move as a strategic shift that boosts the flexibility of public asset management and maximizes the use of available housing stock.

The decision is expected to boost supply, improve market balance, and promote sustainability in the housing sector.

According to Abdulrahman Al-Tawil, Deputy Minister for Residential Supply Stimulus and Real Estate Development, the decision aims to broaden access to homeownership by including new population segments. Families and individuals who do not qualify for housing support will now be able to purchase units or relocate between homes in new suburban developments overseen by the ministry.

Single individuals and those who previously received loans from the Real Estate Development Fund will be eligible to buy homes in projects launched within the past two years. However, non-beneficiaries will purchase units at market rates, while support recipients will continue to receive financial assistance.

Al-Tawil emphasized that each project will initially offer a four-month window of exclusive sales to support beneficiaries before opening to the wider public.

The move is also designed to align housing supply with urban demand. Al-Tawil cited over 100,000 housing units currently available in Riyadh, offering a range of ownership options that address diverse needs.

Real estate appraiser Eng. Ahmed Al-Faqih believes the decision will have a significant impact on the market by strengthening housing supply and supporting price stability.

The entry of the National Housing Company into the private market adds a new, competitive dynamic that developers must consider when pricing their products, he told Asharq Al-Awsat.

This competition, he said, will not only influence pricing but also encourage developers to prioritize quality—an essential goal of Saudi Arabia’s Vision 2030.

Real estate expert Saqr Al-Zahrani also praised the decision. Speaking to Asharq Al-Awsat, he said it addresses the issue of unsold inventory and offers homeownership opportunities to underserved citizens. He highlighted its potential to generate non-oil revenue and support long-term project sustainability without compromising the priority status of current beneficiaries.

Expanding ownership eligibility could help close gaps in the real estate market, especially in cities where ownership remains low, he added, while expecting the decision to encourage innovation in housing development and financing, further stimulating competition between public and private sectors.

On the issue of housing inflation, Al-Zahrani noted that increasing actual supply will reduce speculative activity and promote more disciplined pricing. This is especially critical for middle-income buyers who face volatility in the current market.

Effective implementation of the policy, supported by clear regulations and transparency, will be vital to achieving its intended outcomes, he remarked.