|03 July, 2019

Saudi REDF secures $149mln to ‘Sakani’ programme beneficiaries in June

Around $41mln were deposited for the support of the profits of subsidised mortgage contracts

Image used for illustrative purpose. General view of Dar Al-Arkan's Al Qasr project in Riyadh October 25, 2009.

Image used for illustrative purpose. General view of Dar Al-Arkan's Al Qasr project in Riyadh October 25, 2009.

REUTERS/Fahad Shadeed

Riyadh – Mubasher: Saudi Arabia’s Real Estate Development Fund (REDF) has deposited SAR 561 million in the accounts of ‘Sakani [Housing]’ programme beneficiaries in June.

Around SAR 153 million were deposited for the support of the profits of subsidised mortgage contracts, while the remaining SAR 408 were directed to housing loans under the military personnel initiative, according to REDF’s statement on Wednesday.

The fund noted that a total of SAR 5.12 billion was injected into Sakani beneficiary accounts since the launch of the programme in June 2017 to June 2019, adding that SAR 929.2 million were allocated to Sakani beneficiaries, with nearly SAR 4.13 billion for the military personnel.

It is worth mentioning that Sakani programme was provided by the Ministry of Housing and REDF to allocate 280,000 residential products (for the year 2017) across Saudi Arabia.

the Ministry of Housing, in collaboration with REDF, allocate 120,000 fully constructed and to be-built housing units, distribute 75,000 residential lots, and issue 85,000 new numbers for REDF starting in February 2017.

Source: Mubasher

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