$196mln injected into Saudi home loans fund

Saudi Arabia's Vision 2030 reform plan aims to raise the proportion of residential ownership to 70%

  
A Saudi money exchanger wears gloves as he counts Saudi riyal currency at a currency exchange shop in Riyadh, Saudi Arabia March 10, 2020. Image used for illustrative purpose.

A Saudi money exchanger wears gloves as he counts Saudi riyal currency at a currency exchange shop in Riyadh, Saudi Arabia March 10, 2020. Image used for illustrative purpose.

REUTERS/Ahmed Yosri

RIYADH: The Real Estate Development Fund (REDF) has deposited SR734 million ($196 million) into the accounts of people benefiting from the Sakani program for July.

Sakani is run by the Ministry of Municipal, Rural Affairs and Housing and the REDF, offering Saudis access to land and residential housing through financing solutions with the aim of enabling families to own their first home.

The Kingdom’s Vision 2030 reform plan aims to raise the proportion of residential ownership to 70 percent.

Mansour bin Madi, the REDF’s general supervisor, said that the total amount deposited in accounts since the program’s launch in June 2017 exceeded SR29.6 billion.

REDF provided more than 43 electronic services for citizens online without the need to visit branches, in addition to a real-estate adviser application that facilitates the procedure.

It has also deployed an online team working around the clock to provide support to help beneficiaries get access to the subsidized funding. Beneficiaries can call 199088 or contact REDF on social media for any questions. 

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© Saudi Press Agency 2021

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