The Saudi Housing Ministry announced its plan to increase real estate financing to 502 billion riyals before 2020, as part of its comprehensive plan to provide housing for Saudi citizens. The Ministry also seeks to establish 1.2 million housing units throughout the kingdom before 2030. Saudi Housing Minister Majid al-Huqail announced the plan last Wednesday while talking at a finance and housing conference. “We are working to provide real estate finance so that citizens can own homes, the kingdom’s vision 2030 calls for the kingdom’s need for medium housing, and the Saudi government is doing its best to raise the percentage of homeowners to 70% by 2030,” the minister said. “This step came in time Suitable, where only 47% of Saudis own houses. More than a third of Saudi nationals are currently under the age of 15 and more than half are under the age of 25, which means the need for a regular housing plan in the coming years. Khalid Al Amoudi, general supervisor of the Real Estate Development Fund, announced the transformation of the Fund into a financial institution to support the housing sector.