Saudi Real Estate Fund deposits over $370m for nationals

Nearly $106 million had been allocated to support the profits of subsidized real estate contracts, around $246.6 million for beneficiaries of the military support initiative and $32.4 million for the civilian support initiative. (File/AFP)
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Updated 25 March 2020

Saudi Real Estate Fund deposits over $370m for nationals

  • Nearly $106 million out of the total had been allocated to support the profits of subsidized real estate contracts
  • Since 2017, until March 2020 the fund has seen around $4.77 billion deposited in the ‘Sakani’ program

DUBAI: The Saudi Real Estate Development Fund has set aside $372.5 million in the ‘Sakani’ program for March as part of a safety net in the Kingdom for the ongoing coronavirus crisis.

Speaking during a press conference by the General Supervisor of REDF Mansour bin Madhi, he said nearly $106 million had been allocated to support the profits of subsidized real estate contracts, around $246.6 million for beneficiaries of the military support initiative and $32.4 million for the civilian support initiative.

Since 2017, until March 2020 the fund has seen around $4.77 billion deposited in the ‘Sakani’ program.

Meanwhile, Saudi Arabia’s Ministry of Investment of Saudi Arabia (MISA) has established a dedicated COVID-19 Response Center (MCRC) to support business continuity and mitigate negative business impact as governments across the world implement measures to combat and limit the pandemic, state news agency SPA reported.
The MCRC is continuing to coordinate with more than 7,000 investors throughout the Kingdom, facilitating government support services and advising stakeholders on best practices to approach potential challenges.


Saudi Arabia to extend visa validity for expats

Updated 08 April 2020

Saudi Arabia to extend visa validity for expats

  • The extension will continue for an additional three months for expats

DUBAI: Saudi Arabia’s General Directorate of Passports will extend the validity of exit and return visas – that expire between Feb. 25 until May 24 of 2020 – at no charge, state news agency SPA reported on Wednesday.
The extension will continue for an additional three months for expats. The decision will cover residents of commercial and industrial professions in the Kingdom and those whose visas have not been used during the suspension of the entry and exit period.
The General Directorate of Passports said that the extension will be done automatically from the system without reviewing the passports.
People can enter their accounts on the “Absher” platform to view the service provided to them electronically, it added.