About the Initiative
In the beginning of 2021, the 2030 Vision-related initiative was launched in connection with Strategic Objective: To Give the Saudi Families the Opportunity to Own Suitable Residences
The initiative contributes to improving the professional standards of workers in the real estate market by qualifying them for settlement and enablement to occupy real estate positions. It also contributes to the preparation of national leaders in the sector, through the establishment of implementation programs. It also enhances the concept of social responsibility by developing programs that target those willing to work in the non-profit field of the housing system. Furthermore, the initiative aims, through existing plans, to establish qualitative partnerships in support of the training programs in order to turn them into highly professional programs; establish specialized courses to qualify real estate workers; establish advanced courses; and enhance the concept of financial and business sustainability in the field of real estate sector qualification and training.
The contribution of the initiative to the achievement of the strategic objective
The initiative contributes to the measurement of the sector’s vision and outputs; enablement of the information, cognitive and innovative architecture of the housing sector; and development of a mechanism to oversee and evaluate the housing market in order to support decision makers to achieve the objective of the increasing the property ownership rates of Saudi families, by presenting sector data to implement the second phase of the Housing Program, which will contribute to the achievement of the targets of the following indicators:
1. Percentage of Saudi Families’ ownership of Residential Units.
2. Strength of the real estate sector foundations in the Kingdom.
The Expected Impact
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Social Impact: The expected results of the initiative shall offer more credible job opportunities to those willing to work in the real estate sector and increase the added value thereof, due to potential increases in workers’ wages.
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Economic Impact: Increasing the long-term economic contribution by the Housing Program. Enhancing the capabilities of the real estate sector workers, leading to an increase in the sector productivity in general and the GDP per worker.