Saudi Housing Sector Fundraising Campaign Recreates IPO Model
Saudi Arabia’s crowdfunding platform for home ownership Jood Eskan has launched a first-of-a-kind charitable campaign to raise SAR1 billion ($266 million) in donations during the Holy month of Ramadan.
Titled ‘Ever-Green Stock,’ Jood Eskan’s charitable campaign is an IPO simulation that targets Saudi Arabia’s most prominent corporations, institutions, and individuals.
Inspired by the financial stock markets, the creative fundraising campaign recreates the IPO model by “selling stocks” through goodwill and charitable contributions to encourage community members and private sector players to “invest” in public.
The ‘Ever-Green Stock’ campaign offers 100 million stocks at SAR 10 per share and is designed to raise awareness of the importance of investing in community-driven social initiatives.
The SR 1 billion raised this month will support approximately 3,500 families in need.
According to Ammar al-Wahaibi, an executive director at Jood Eskan, the idea for the campaign came as an extension of a series of initiatives and solutions aimed at supporting families with dire housing needs in the Kingdom.
The Jood Eskan digital platform was launched in 2019 by the National Developmental Housing Foundation (Sakan), a non-profit arm of the Ministry of Municipal, Rural Affairs, and Housing.
The platform collects donations and provides services and financial contributions to eligible and registered families, including rent and home ownership.
Since its inception, the platform has adopted innovative solutions to help promote housing solidarity in Saudi Arabia, reaffirmed al-Wahaibi.
It does so by devising solutions and initiatives to stimulate charitable housing giving to families in need, he explained, adding that this approach helps integration between the public, private and non-profit sectors.
The executive director hailed the turnout the campaign had witnessed since its launch, stating that it had exceeded expectations.
Al-Wahaibi also thanked the Custodian of the Two Holy Mosques, King Salman, and Crown Prince Mohammed bin Salman, for inaugurating the campaign on the first day of Ramadan by making two generous donations amounting to SAR150 million.
These initial contributions, given through the Jood Eskan platform, reinforce the leadership’s commitment to supporting all efforts and initiatives that provide housing for needy families.
