Saudi to allot 120,000 housing units this yearby Jumana Abdel-Razzaq on Feb 16, 2017
Saudi’s Ministry of Housing has launched a programme to allot as many as 120,000 housing units to citizens this year.
The programme, called ‘Sakani’, is part of the total 280,000 housing units and financial assistance to be allotted by the ministry, according to the Saudi Gazette.
'Sakani' will also include 75,000 housing plots ready for construction, and financial support for 85,000 from the Real Estate Development Fund (RDF) and banks.
Prince Saud Bin Talal, adviser and general supervisor at the agency for housing at the ministry, said that the first batch of the ‘Sakani’ program includes 15,653 housing units and financial assistance, the Saudi daily reported.
The housing units and financial assistance will be allotted in monthly installments over a period of three years.
Preference will be given to citizens in need of housing, including widows, divorcees, people with special needs, and lower income groups.
The new mechanism will be instrumental in bringing down the waiting period for housing units from 11 years to five years and increasing the number of beneficiaries of financial support.