Saudi Real Estate Fund deposits over $370mln for nationals

Nearly $106mln had been allocated to support the profits of subsidized real estate contracts

  
Ariel view of the Muslim holy city Mecca September 6, 2016. Image for illustrative purposes.

Ariel view of the Muslim holy city Mecca September 6, 2016. Image for illustrative purposes.

REUTERS/Ahmed Jadallah

DUBAI: The Saudi Real Estate Development Fund has set aside $372.5 million in the ‘Sakani’ program for March as part of a safety net in the Kingdom for the ongoing coronavirus crisis.

Speaking during a press conference by the General Supervisor of REDF Mansour bin Madhi, he said nearly $106 million had been allocated to support the profits of subsidized real estate contracts, around $246.6 million for beneficiaries of the military support initiative and $32.4 million for the civilian support initiative.

Since 2017, until March 2020 the fund has seen around $4.77 billion deposited in the ‘Sakani’ program.

Meanwhile, Saudi Arabia’s Ministry of Investment of Saudi Arabia (MISA) has established a dedicated COVID-19 Response Center (MCRC) to support business continuity and mitigate negative business impact as governments across the world implement measures to combat and limit the pandemic, state news agency SPA reported.

The MCRC is continuing to coordinate with more than 7,000 investors throughout the Kingdom, facilitating government support services and advising stakeholders on best practices to approach potential challenges.

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