Homeownership in Saudi Arabia is poised to increase as the Real Estate Development Fund (REDF) has deposited SR963 mn into the accounts of Sakani beneficiaries for March, Invest-Gate reports.

These funds were disbursed through the Saudi Ministry of Municipal and Rural Affairs and Housing. The Sakani program plays a crucial role in facilitating homeownership by offering affordable housing options and financial assistance, with a particular focus on individuals who face challenges in accessing the housing market.

Mansour bin Madi, the CEO of the REDF, clarified that the total support allocated for the current month of March will enhance profits for various housing support contracts. He emphasized that the total amount deposited into the accounts of Sakani beneficiaries, since the introduction of the transformation scheme in June 2017 until March, has reached approximately SR57.5 bn.

Bin Madi further explained that the continuous provision of housing support underscores the ongoing efforts to assist beneficiaries in owning suitable housing, in collaboration with financial institutions.

These efforts align with the targets of the housing program, a key component of Vision 2030, which aims to increase the citizens’ housing ownership rate to 70 percent. The program aims to provide sustainable housing and financial solutions by establishing supportive systems and legislation.

The REDF offers housing aid services through more than 43 digital platforms available on the fund’s electronic portal. Additionally, it provides the “Design Your Support” service within the Real Estate Advisor platform, allowing beneficiaries to customize their housing support and access optimal financial and housing recommendations.

Furthermore, the unified call center and social media channels address beneficiaries’ inquiries and questions.