Saudi Arabia: In a bid to further support Saudi families in their pursuit of homeownership, the Saudi Real Estate Development Fund has deposited SR941 million ($250.8 million) into Sakani accounts during August, as reported by the Saudi Press Agency.

The initiative, coordinated by the REDF in collaboration with the Ministry of Municipal, Rural and Housing, underscores the fund’s commitment to supporting Sakani beneficiaries.

This financial injection is a part of the fund’s continuous efforts to enhance housing affordability for families and drive the realization of the housing program’s objectives, which are integral to the Saudi Vision 2030 framework.

Since its launching in June 2017, the total deposits in the accounts of the program’s beneficiaries have surpassed SR51.2 billion.

To streamline the process, the fund set up electronic channels to enable people to update the construction phases of their homes, ensuring the required engineering and technical standards are met.

The Kingdom aims to increase the proportion of Saudi households that own a house from 47 percent in 2016 to 70 percent by 2030.

The fund recently announced it had inked finance agreements worth SR13.7 billion ($3.64 billion) in the first quarter of 2023.

According to the quarterly report of the Kingdom’s National Development Fund, the deals sought to offer housing benefits to 21,000 citizens in the three months to the end of March this year.