Arab News, Thursday, May 25, 2023 | Thul-Qidah 5, 1444
Real Estate Development Fund deposits $250m in Sakani accounts to boost Saudi housing goals
More support has been handed out to help Saudi families own their homes after
SR940 million ($250 million) were deposited into their Sakani accounts in May,
the Saudi Press Agency reported.
The amount — paid out by Saudi Arabia’s Real
Estate Development Fund in conjunction with the Ministry of Municipal and Rural
Affairs and Housing — is in line with the fund’s continued efforts to support
Sakani is a real estate initiative aimed at
supporting Saudi citizens and families to own their first home.
The program seeks to raise the proportion of
housing ownership for Saudi families to 70 percent by 2030.
The newly-deposited amount also aligns with the
Kingdom’s Vision 2030 goals, which aim to provide adequate housing opportunities
for Saudi families.
The amount was allocated to support various
housing support contracts, according to REDF CEO Mansour bin Madi.
The total amount deposited in the accounts of
Sakani beneficiaries since the announcement of the transformation program back
in June 2017 has exceeded SR48.4 billion, Bin Madi disclosed.
Earlier this week, REDF signed agreements with
Bank Albilad and Saudi Awwal Bank with the aim of allowing more Saudi citizens
the access to easy financing solutions to help them own homes.
The deals aim to diversify the housing support
options for Sakani beneficiaries, one of which includes provision of up to
SR150,000 on certain housing options such as ready-made units.
The two agreements were part of strategic
partnerships planned with banks and real estate financing institutions, the CEO
Ongoing initiatives implemented by the government,
including access to finance and regulations standardizations, are reforming the
housing market and improving access for Saudi families, according to a report
from PwC Middle East.
Saudi Arabia’s housing demand stood at 99,600
houses in 2021 and is expected to increase by more than 50 percent to reach
153,000 houses by 2030.