Saudi's REDF, Sakani beneficiaries receive $133.3m in August 2020

The total amount deposited in “Sakani” accounts since the programme’s inception in June 2017 exceeds $6.1bn

Saudi's REDF, Sakani beneficiaries receive $133.3m in August 2020 [representative image]
Saudi Ministry of Housing
Saudi's REDF, Sakani beneficiaries receive $133.3m in August 2020 [representative image]

More than $133.3m (SAR500m) in total has been deposited in the accounts of Saudi citizens who are beneficiaries of the kingdom’s Real Estate Development Fund (REDF) and the Saudi Ministry of Housing’s “Sakani” programme during August 2020.

The general supervisor of the REDF, Mansour bin Madi, explained that much of the support in August 2020 was allocated to provide subsidised real estate financing contracts.

The total amount deposited in the accounts of “Sakani” beneficiaries since the programme was first announced in June 2017 exceeds $6.1bn (SAR22.9bn).

The subsidised mortgage loan programme enables beneficiaries of the “Sakani” programme to obtain a real estate loan of up to $133,320 (SAR500,000).

Bin Madi emphasised the role of the Integrated Fund – which includes government agencies and the private sector – in creating housing programmes and financing solutions that enable citizens to obtain housing appropriate to their aspirations.

The sustainability of the subsidised real estate financing programmes, as well as the citizens' confidence in the programme, have enabled more than 310,000 Saudi families to live in their new homes.

The Real Estate Development Fund continues to provide subsidised loan services on its electronic portal.

Saudi Arabia’s Ministry of Housing aims to increase residential ownership among its citizens to 70% by 2030. More than 58 housing projects at various stages of construction are being developed in various regions of the kingdom.

The programme provides Saudi nationals with access to residential plots, self-construction residential housing, prefabricated housing units, and under construction housing units, among other options.

The Sakani’s digital platforms provide details of the location, features, and prices of the residential units available for immediate and electronic reservation.

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