Page 25 - ICD-AR22-English

THE SAUDI GOVERNMENT AIMS TO DOUBLE THE CONTRIBUTION OF REAL ESTATE TO THE COUNTRY’S GDP TO 10% AND INCREASE HOME OWNERSHIP BY SAUDI NATIONALS TO 70% BY 2030.
OUR OPERATIONS, ACTIVITIES AND PERFORMANCE: 2022 HIGHLIGHTS
3.4 Providing onward home financing to consumers
In line with the NationalTransformational Plan
(Vision 2030), the Saudi government aims to double the contribution of real estate to the country’s GDP to 10% and increase home ownership by Saudi nationals to 70% by 2030. To achieve this, various measures have been initiated, such as incentivizing developers and building affordable housing projects. The Saudi government’s focus on the real estate sector, as part of the diversification process of the economy, is anticipated to boost the residential market over the coming years. Consequently,
ICD extended USD 30.00 million Commodity Murabaha to Bidaya Home Finance (BHF) for the financing of its home mortgage portfolio and the
refinancing of its existing debt. The developmental impact of the project is significant and includes
i) assisting Saudi Arabia in addressing its growing demand for housing, and b) provide financing for BHF to enhance its portfolio and encourage home ownership in Saudi Arabia. The project will contribute to at least four Sustainable Development Goals (SDGs): SDG8 (Decent Work and Economic Growth), SDG9 (Industry, Innovation, and Infrastructure), SDG11 (Sustainable Cities and Communities),
and SDG17 (Partnership for the Goals).
REINVIGORATING THE PRIVATE SECTOR TO SHAPE A BETTER FUTURE 23