SRC, DGF team up to address housing needs as part of Saudi Vision 2030

Fabrice Susini, SRC chief executive (right), and Suliman Azzabin of the DGF sign the deal in the presence of Housing Minister Majed Al-Hogail (standing on the right) in Riyadh. (AN photo)
Updated 19 December 2017
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SRC, DGF team up to address housing needs as part of Saudi Vision 2030

RIYADH: In an effort to address the housing needs of Saudi citizens, the Saudi Real Estate Refinance Company (SRC) signed a strategic partnership refinancing deal of SR1 billion ($266.6 million) with Deutsche Gulf Finance (DGF), the leading real estate financing company, on Sunday.
The move will help to “unlock” the Saudi housing finance market by increasing liquidity to enable lenders to offer more accessible home-buying solutions.
“This is an exciting first step toward our goal of unlocking the Saudi housing market and increasing home ownership among citizens,” said Majed Al-Hogail, minister of housing.
Al-Hogail said that “this type of cooperation and partnership is what Vision 2030 intends to build on as we develop and expand our economy.”
Speaking to Arab News on Monday, Fabrice Susini, SRC chief executive, said: “This is the first deal of its kind, signed by the SRC, which is owned by Public Investment Fund (PIF), to assist financial institutions so that they can increase mortgage financing availability to Saudis.
“This transaction is just the first in a series that will see SRC increase available funding for housing needs,” he added.
The portfolio acquisition and short-term financing transaction, which includes a warehousing facility, will allow DGF to improve lending ability within the Kingdom. Notably, DGF offers a variety of financing solutions to encourage real estate ownership among Saudis through innovative Shariah-compliant products.
Spelling out the details of the partnership deal, Suliman Azzabin, DGF chief executive, said: “We are delighted to have been selected by the SRC to sign the first strategic partnership agreement as a way to reinforce the public and private sector partnerships.”
“We are all collaborating to implement the goals of the National Transformational Plan (NTP) 2020 and realize the Vision 2030 by increasing homeownership and reducing the financing costs by providing the needed liquidity to more people,” he added.
The landmark deal reiterates the commitment of the Kingdom’s Ministry of Housing to offer more accessible housing finance solutions, which would directly benefit homebuyers and facilitate market growth.


13,230 families benefit from ‘Sakani’ program in Saudi Arabia

More than 157,000 families benefited from the program during 2018. (SPA)
Updated 17 June 2019
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13,230 families benefit from ‘Sakani’ program in Saudi Arabia

  • More than 157,000 families benefited from the program during 2018

RIYADH: The Ministry of Housing’s “Sakani” program has helped 13,230 families registered on its Real Estate Development Fund list with housing options and finance solutions during May.
This includes 5,835 families who live in their own homes, bringing the total number of families benefiting from the program in different regions of the Kingdom since the start of the year to 68,195.
The Sakani program announced the names of beneficiaries and their national ID numbers through the link https://sakani-names.housing.sa or via the program portal.
More than 157,000 families benefited from the program during 2018.
Ministry of Housing spokesman Saif Al-Suwailem said that Sakani continues to provide its services to beneficiaries according to their needs and abilities. The ministry is keen to provide better services in line with the “Eskan” program, one of the Saudi Vision 2030 initiatives that aims to raise the proportion of residential ownership to 70 percent by 2030.
As part of Sakani’s efforts to provide suitable housing options, the program began to implement 53 new housing projects in different regions of the Kingdom, characterized by affordable prices for a large segment of citizens registered on the lists of the Ministry of Housing.
Al-Suwailem said that the ministry was keen to find solutions for Saudi families that help them to own the right home for them. SPA Riyadh