In another blow to the stereotype of boundlessly rich Saudis, Arab News reports that somewhere around 50% of all Saudis cannot afford to own their own homes. It’s might be 40%, it might be 60%, but a very large part of Saudi society is not well enough heeled to own the roofs over its head. A combination of poor education about economics and finance (a global problem, apparently) and bureaucratic hurdles simply make it too complicated for people to own their own houses. The Saudi National Society of Human Rights is taking up the issue.
60% Saudis don’t have own houses, says NSHR chief
P.K. Abdul Ghafour | Arab NewsJEDDAH: From 45 to 60 percent of Saudis are unable to own houses and heads of nearly 35,000 Saudi families earn less than SR2,000 a month, according to Mufleh Al-Qahtani, president of the National Society of Human Rights.
Al-Qahtani made the remarks while speaking to reporters after signing a memorandum of understanding with the Saudi Establishment for Education and Training (SEET). The agreement is aimed at providing education and training to members of needy families.
Al-Qahtani said NSHR had received complaints from many people about businesses denying them jobs despite having the necessary qualifications.
“When we investigated the reasons behind this, we found that the standard of training they received was poor while their educational qualifications were insufficient,” he said.
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February:13:2009 - 21:13
I am really pissed they are not doing anything… the reinforced concrete standard is too expensive.. vacant residential land is being hogged by rich monopolistic bastards.. whenever there is a new residential block in a city you will find those guys already bought it off and held it without doing any building in it.
I personally feel there is a need to investigate the actual value of these lands, how many are being held in monopoly and how many of those land owners actually pay the zakat (islamic yearly tax) for them with the value they request for those held land.
Also the reinforced concrete standard is too expensive.. and the Residential loans office won’t fund any standard other than it. I was really pissed when they decided to increase the cash they give in the loans.. because that will only drive the price up eventually.