RIYADH: 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.