Saudi Crown Prince Mohammed bin Salman pledged 1 billion Saudi riyals ($266 million) to support housing ownership projects for eligible beneficiaries and families in need.
The donation on Monday to the National Development Housing Foundation's Jood Eskan platform. It was ordered that the project should be completed within 12 months and implemented by national companies.
This reflects Prince Mohammed's ongoing commitment “to ensuring a decent standard of living for all citizens”, the official Saudi Press Agency reported.
It also underlines his “dedication to the housing sector and his particular focus on supporting deserving families”, added SPA.
He also directed authorities to submit monthly reports on the progress of home ownership in order to ensure that all housing units are completed within the one-year period, as well as for transparency and accountability.
Saudi Minister of Municipalities and Housing Majed Al Hogail thanked the Crown Prince for his generosity. “A generous donation that embodies His Highness's awareness of the citizens' needs and his keenness to provide a dignified life and achieve social stability,” wrote Mr Al Hogail on X.
Jood Eskan also took to X to express gratitude for the donation, saying it reflected a “deeply rooted approach to giving, and generous care for deserving families across various regions of the Kingdom”.
Last month, Prince Mohammed ordered measures aimed at stabilising the real estate sector, in response to rising land and rent prices in Riyadh.
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What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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