Majed Al-Hogail, minister of municipal and rural affairs and housing, honored the Saudi National Bank (SNB) with the best financing entity award for residential units under construction, for the second consecutive quarter. The award recognizes the bank’s pioneering role in financing the housing sector and its distinguished financing solutions aimed at enabling citizens to own appropriate housing.
The award was presented during the Sakani Program Forum for the second quarter of 2021, which was held on Aug. 15, in Riyadh. The event was attended by the success partners of the Sakani program, including developers and real estate financiers. Sakani is a government program of the Ministry of Housing to raise the percentage of ownership of the first home for citizens in the Kingdom.
The forum also witnessed the signing of an electronic financing agreement for the beneficiaries of the Sakani program, between SNB and the National Housing Company.
The new agreement enables the beneficiaries of the Sakani program and the Real Estate Development Fund to access the services of the Sakani platform, through the “Aqar AlAhli” application, allowing them to apply for financing electronically, complete all procedures and check the status of the request without the need to visit the branch. The move is in line with joint efforts to facilitate the electronic ownership procedures.
The agreement was signed by Mohammed Al-Bati, CEO of the National Housing Company, and Majed Al-Ghamdi, CEO of retail banking at SNB, in the presence of Al-Hogail.
Al-Bati said this agreement is an extension of the strategic partnership that connects the company with SNB and financing agencies with the aim of facilitating and developing electronic financing. The agreement will be an addition to the available facilities enabling citizens to own their first home, and a contribution to the goals of the Kingdom’s Vision 2030, helping to increase home ownership among citizens, he added.
Al-Ghamdi, meanwhile, expressed his gratitude to Al-Hogail for granting SNB the financing entity award for residential units under construction for the second consecutive time.
He highlighted SNB’s keenness to support the strategic plan of the Ministry of Municipal, Rural Affairs and Housing and the Real Estate Development Fund through its contributions to initiatives and programs related to the development of the real estate and housing sector in line with the Kingdom’s vision.
The agreement is part of the ongoing partnership and joint initiatives with the programs of the Ministry of Municipal, Rural Affairs and Housing aimed at providing multiple financing and housing options, confirming the bank’s leadership in providing innovative electronic solutions. It is noteworthy that the SNB’s housing and real estate financing portfolio witnessed significant growth during the first half of 2021.