Saudi Real Estate Development Fund provides $8bln to help Saudis own homes

Sakani aims to achieve the target of Saudi Vision 2030 that seeks to increase Saudi homeownership by 70% by the end of this decade

  
Image used for illustrative purpose. A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017.

Image used for illustrative purpose. A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017.

REUTERS/Faisal Al Nasser
RIYADH: Saudi Arabia’s Real Estate Development Fund injected SR788 million ($210 million) in November into the accounts of Saudi families, bringing the total amount of financing to SR32 billion, to help more Saudis own homes.

Mansour bin Madi, the CEO of the fund, said that the total support for this month was allocated to the profits of subsidized real estate financing contracts, Saudi Press Agency reported.

The total deposited amount for the beneficiaries since the National Transformation Program’s announcement exceeded SR32.5 billion.

The National Transformation Program was launched in 2016 aiming to develop the necessary infrastructure and create an environment that enables the public, private and non-profit sectors.

Sakani aims to achieve the target of Saudi Vision 2030 that seeks to increase Saudi homeownership by 70 percent by the end of this decade.

More than 560,000 Saudi families benefited from the Housing Ministry’s Sakani program subsidized real estate loans.

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