Saudi Housing Sector Fundraising Campaign Recreates IPO Model

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