The Ministry of Housing plans to establish a development company and launch a mortgage fund to encourage banks to increase lending. The ministry will also regulate development companies, although ultimate ownership of the project will remain with another government entity.

Housing Minister Majid Al-Hogail revealed this in a television interview, explaining that the new development company will grant land plots to companies for building homes and help them secure financing by providing certain loan guarantees, and financial assistance will be expanded to include some homebuyers.

Al-Hogail also shed light on the Saudi mortgage market—currently estimated at 94 billion riyals—in a recent interview with the U.S.-based “Bloomberg” network, noting that it (a "small market"), but clarified that it is growing by 20–30 billion riyals annually, which will boost the mortgage portfolio to approximately 250 billion riyals by 2020.

Housing Minister Majed Al-Hogail emphasized that building 1.5 million homes—the actual number needed to solve the housing crisis in Saudi Arabia—will take approximately eight years, explaining that the ministry is currently working on all possible solutions to provide adequate housing for citizens.