The Real Estate Development Fund deposited (1,692) million riyals—“one billion, six hundred ninety-two million riyals”—into the accounts of citizens who are beneficiaries of the “Sakani” program, jointly administered by the Ministry of Housing and the Real Estate Development Fund, for the month of December 2019. (Mortgage Loans)
The Fund’s official spokesperson, Hamoud Al-Osaimi, stated that 306 million riyals were allocated to subsidize the profits from subsidized mortgage financing contracts, while 1,149 million “one billion, one hundred forty-nine million riyals” were provided to beneficiaries of the Military Personnel Support Initiative who are on active duty in all military sectors, and 237 million riyals were provided to beneficiaries of the Civilian Support Initiative.
He noted that the total amounts deposited into the accounts of “Sakani” beneficiaries since the announcement of the transformation program in June 2017 until the end of last year, 2019, amounted to approximately 13,151 million riyals (thirteen billion, one hundred and fifty-one million riyals). The Military Support Initiative accounted for 9,540 million riyals, while ”subsidized financing” support amounted to 2,405 million riyals, and the civilian support initiative to approximately 1,206 million riyals.
Al-Osaimi explained that the Fund’s announcement regarding the deposit of monthly support to beneficiaries and the amounts deposited each month underscores its commitment to providing continuous support to citizens in order to achieve its goals of enabling Saudi families to own their first home, noting that the Fund’s shift in 2017 from direct lending to lending through financial institutions has helped accelerate the pace at which citizens are acquiring homes.
Al-Osaimi emphasized the Fund’s attention to all suggestions it receives from citizens through its communication channels and its efforts to improve initiatives and programs to better meet citizens" needs, noting that the diversity of programs, initiatives, and services has helped provide beneficiaries with numerous housing options and solutions to obtain suitable housing with ease and convenience.
It is worth noting that the Real Estate Development Fund’s branches, more than 30 e-services, as well as the Real Estate Advisor platform, the call center, and self-service kiosks, have all been made available to citizens to facilitate and streamline the procedures for obtaining subsidized mortgage loans.
Some links to news and reports from Amlak Real Estate Newspaper, Issue 187
Mortgages – Real Estate Projects – Investment Opportunities –
Mortgage Financing – Aramco Shares – Construction – Mortgages
Editor-in-Chief Abdulaziz Al-Issa Explains the Story Behind the Amlak Real Estate Newspaper Logo
The ”Sakani" online platform receives over 15 million visits, including 702,000 app downloads
The Kingdom’s transportation sector jumps to first place globally in terms of ease of doing business
Al-Rajhi REIT acquires educational properties with a purchase value of 210 million riyals
Malakiya Investment Company Acquires ”Hotel Apartments" in Riyadh for 50 Million Riyals
”Arabian Business Saudi Arabia“ magazine awards Riyad Bank the ”Fastest-Growing Bank of 2019" award
Minister of Housing Calls on the Private Sector to Support the "Jood Al-Iskan" Initiative
Mortgage Loans
Al Rajhi Bank Concludes "Corporate Banking Credit Risk Management" Program
Al-Inmaa Bank Meets Global Standards for Business Continuity
Reports Project Financing for 1.22 Million Homes Under Saudi Vision 2030
Analysis: Optimism Prevails Among REITs in the Saudi Market Over 9 Months
Housing units in the "Jawhara Al-Rasifa" residential project delivered on schedule
12 banks and 5 finance companies have streamlined the mortgage loan process
Housing program serves employees of the Ministries of ”Commerce” and “Municipal and Rural Affairs”
Mortgages
