The Ministry of Housing has entered a new phase by bringing fresh talent into its leadership with the appointment of His Excellency Mr. Majid bin Abdullah Al-Hogail as Minister of Housing, This step is an extension of the policy adopted by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, to empower young individuals with practical and academic expertise to assume leadership and development roles, which heralds a decisive phase in the history of the Ministry of Housing through the development of plans and strategies aligned with the Custodian of the Two Holy Mosques’ vision aimed at accelerating and finding radical solutions to the problem of providing adequate housing.
The selection of Mr. Majid Al-Hogail as Minister of Housing stems from his practical experience in real estate development and his administrative experience in the banking and financing sectors, which has given him cumulative experience that will undoubtedly make it much easier for him to formulate policies that meet the leadership’s aspirations to facilitate housing for every citizen—especially since the waiting lists in the Ministry’s and the Real Estate Fund’s records exceed 1.3 million eligible applicants are waiting for a glimmer of hope and a ray of light with the arrival of the new young minister.
The Ministry’s Work Strategies for the Coming Phase
In light of the current situation, the new minister will work to bring in fresh talent from the real estate sector and those interested in housing issues. The ministry will undergo structural changes and will activate and expand its partnership with the private sector; there will also be new criteria for determining housing support priorities.
240 billion riyals await the new policies
Restructuring the Ministry’s operations and transitioning it from a traditional to an institutional model will involve leveraging financial institutions to launch investment funds for citizens—serving as a means of savings and homeownership—either nationwide or at the regional level, and establishing support funds to utilize the massive housing allocations exceeding 240 billion riyals.
Government investment agencies and funds
The new minister will find, among the proposals and plans of his predecessors, many projects and initiatives that have not been implemented or are still under discussion and consultation for implementation, such as:
– Establishing a government housing company to serve as the implementing arm for housing construction, particularly in major cities (in small towns and villages, eligible recipients prefer individual construction).
– Transforming the Real Estate Development Fund into an investment arm operating in partnership with the real estate development sector.
– Activating and expanding partnership channels with the private sector through developers and financial investment companies.
– Establish a specialized housing agency for housing support, tasked with reordering the Ministry’s priorities for assistance to eligible applicants who have applied through the “Iskan” portal or those on the Real Estate Fund’s lists.
