Arab News, Monday, Mar 27, 2023 | Ramadan 5, 1444
Saudi REDF deposits over $246m in Sakani accounts for housing projects
Saudi Arabia: Saudi Arabia’s Real
Estate Development Fund deposited more than SR925 million ($246.2 million) in
the accounts of Sakani beneficiaries in March 2023.
The Sakani program was launched in 2017 by the
REDF to facilitate homeownership in the Kingdom, by developing new housing
stock, allocating plots and homes to nationals and financing their purchase.
The deposit, which also comes from the Ministry of
Municipal, Rural Affairs and Housing and the REDF, is in line with the Kingdom’s
Vision 2030 which aims to increase the proportion of citizens who own a home to
70 percent.
Mansour bin Madi, CEO of REDF, stated that the
total amount deposited in the accounts of Sakani beneficiaries since the
announcement of the transformation program in June 2017 until March 2023,
exceeded SR46.2 billion.
He also said that the total fund for the current
month of March was allocated to support the profits of various housing
contracts.
Bin Madi explained that the fund launched the
second phase of product governance and provided an electronic service that
allows the beneficiaries with self-construction projects to update the stages of
building their homes.
This is to emphasize the importance of the
beneficiaries' commitment to direct the stages of building their housing and
follow up on the stages.
He added this is to ensure that the fund supports
and facilitates are provided to the beneficiaries during the time period
specified in the financing contracts and housing support regulations.