Samba Financial Group, a leading financial institution in Saudi Arabia, plans to provide 500 housing units, all fully furnished, for disadvantaged individuals and families in the kingdom, said a report.

This will be completed and delivered in five years at a rate of 100 units per year, reported Arab News citing a top company official.

Samba's decision to launch the initiative has been underpinned by basic humanitarian principles and the belief that adequate housing and the comfort and security that it brings should be a universal right, it stated.

"It is also a reflection of the company's recognition that addressing important social issues should be viewed as the responsibility of both the public and private sector and that the most effective solutions are found by engaging all stakeholders," remarked Eisa Al Eisa, the company chairman.

"The target groups for this initiative are predominantly low income families and individuals from disadvantaged backgrounds that face difficulty in securing adequate housing in Saudi Arabia. These include people with special needs the elderly widows and divorcees," he added.