Real Estate Development Fund adds USD243m in Sakani accounts to grow Saudi accommodation sector
(MENAFN) Saudi Arabia’s Real Estate Development Fund added SR912 million (USD243 million) in the accounts of Sakani beneficiaries during this month.
As mentioned in reports by a Saudi Press Agency, this deposit – which also originates from the Ministry of Municipal and Rural Affairs and Housing – is coming along with the ‘Kingdom’s Vision 2030’ targets which main goal is to supply suitable accommodation prospects for Saudi citizens.
Mansour bin Madi, chief executive of REDF stated that the deposit of SR912 million (USD243 million is raised to back subsidized real estate financing deals.
Madi additionally noted that the overall figure added in the accounts of Sakani beneficiaries since the declaration of the transformation plan during the last 6 years (2017-2023), surpassed SR44.7 billion (USD11.9 billion).
The Ministry of Housing and the Real Estate Development Fund started the Sakani plan 6 years ago (2017), mainly targeted at surging the proportion of Saudi families that possess a house to 70 percent within the end of this decade.
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