Saudi real estate fund deposits USD246M into Sakani program beneficiaries' accounts

(MENAFN) Saudi Arabia's Real Estate Development Fund (REDF) recently deposited over SR925 million ($246.2 million) into the accounts of beneficiaries of the Sakani program in March 2023. The Sakani program was introduced in 2017 by the REDF to facilitate homeownership in the Kingdom by developing new housing stock, providing plots and homes to nationals, and financing their purchase. This deposit, which was made in collaboration with the Ministry of Municipal, Rural Affairs, and Housing, is in line with the Kingdom's Vision 2030 goal of increasing the proportion of citizens who own a home to 70 percent.

According to Mansour bin Madi, CEO of REDF, the total amount deposited in the accounts of Sakani program beneficiaries from the announcement of the transformation program in June 2017 until March 2023 has exceeded SR46.2 billion. This significant investment reflects the government's commitment to providing affordable housing to its citizens and boosting the real estate sector in the country.

Bin Madi also revealed that the total fund allocated for the current month of March was dedicated to supporting the profits of various housing contracts. He further explained that the REDF launched the second phase of product governance and introduced an electronic service that allows the beneficiaries with self-construction projects to update the stages of building their homes.

This move by the REDF and the Ministry of Municipal, Rural Affairs, and Housing is a significant step towards achieving the Vision 2030 goal of increasing homeownership in Saudi Arabia. The Sakani program has been successful in providing affordable housing solutions to citizens, and this recent deposit will undoubtedly help more people realize their dream of owning a home. The electronic service for self-construction projects will also help streamline the process and ensure that beneficiaries can easily keep track of the progress of their home construction. Overall, this investment demonstrates the government's commitment to improving the lives of its citizens and boosting the country's economy.



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