Saudi REDF deposits $246m in Sakani accounts in February for housing projects 

RIYADH: Saudi Arabia’s Real Estate Development Fund deposited SR924 million ($246 million) in the accounts of Sakani beneficiaries in February.  

The Sakani program was launched in 2017 by the REDF to facilitate home ownership in the Kingdom, by developing new housing stock, allocating plots and homes to nationals and financing their purchase. 

This deposit comes in line with the Kingdom’s ambitious Vision 2030 strategy that aims to provide adequate and affordable housing opportunities for Saudi families.  

Mansour bin Madi, CEO of REDF said that the deposit of SR924 million is allocated to support the contracts of the various housing support programs, Saudi Press Agency reported.  

He added that the total amount deposited in the accounts of Sakani beneficiaries since the announcement of the transformation program in June 2017 until February 2023, exceeded SR45.3 billion.  

In January, REDF deposited SR912 million in the account of Sakani beneficiaries to support subsidized real estate financing contracts.  

Madi added that REDF’s ‘Design Your Support’ facility available on the real estate consultant platform allows beneficiaries to design their housing support, choose the appropriate housing product, and benefit from supportive programs in line with their financial capabilities.  

Saudi Arabian Ministry of Housing and the REDF launched the Sakani program to increase the proportion of Saudi households that own a house to 70 percent by 2030. 

Saudi Arabia’s housing demand stood at 99,600 houses in 2021 and is expected to increase by more than 50 percent to reach 153,000 houses by 2030.  

Earlier in January, Madi revealed that the Sakani program has given housing to over 684,000 families in the Kingdom.  

In December, REDF and Riyadh-based mortgage lender Bidaya Home Finance signed an agreement to provide affordable housing and financing solutions to real estate financial institutions and firms.  

On Jan. 23, Saudi Minister of Housing and Municipal and Rural Affairs Majid Al-Hogail launched the National Housing Co.’s new online platform for the purchase of building materials.  

According to a SPA report, this platform is designed to connect contractors and real estate developers with suppliers of building materials approved by the NHC.  

The report further noted that the platform will give access to a variety of building materials at a reduced price, which will increase efficiency in production while lowering the cost of housing units and increasing home ownership in the Kingdom.