The Real Estate Development Fund announced today the deposit of 1.061 billion riyals into the accounts of citizens benefiting from the Ministry of Municipalities and Housing and the Real Estate Development Fund's "Sakani" program, as allocated support for the month of January. This deposit comes as part of the Fund's ongoing commitment to enabling Saudi families to own suitable housing and easing the financial burdens associated with mortgage financing.
The Housing Fund's management clarified that the total support allocated for this month was entirely dedicated to subsidizing profits from various housing support program contracts. This step aims to enhance beneficiaries' purchasing power and facilitate their journey towards homeownership, aligning with the objectives of the Housing Program, a cornerstone of the Kingdom's Vision 2030. This ambitious vision seeks to raise the rate of homeownership among Saudi families to 70% by 2030, a strategic goal that the entire housing sector is working to achieve by overcoming obstacles and providing innovative solutions.
Sustainability of financing solutions and partnership with the private sector
In a related context, the Real Estate Development Fund affirmed its commitment to continuing the development of financing and housing solutions through effective partnerships with financing entities, including banks and financial institutions, as well as real estate developers. These partnerships are considered the cornerstone of the Fund's new strategy, which has shifted from direct lending to financing support. This has contributed to an unprecedented acceleration in reducing waiting lists and providing immediate options for citizens that suit their financial capabilities and diverse housing needs.
A long history and a pioneering role since 1974
Historically, the Real Estate Development Fund boasts a distinguished track record spanning over four decades. Since its establishment in 1974, the Fund has played a pivotal role in the urban development witnessed by the Kingdom of Saudi Arabia, supporting more than 1.8 million beneficiaries to date. Its role has not been limited to financing; it has also been a major driver of the construction and contracting sector, positively impacting the national economy as a whole.
Economic and social impact
The consistent monthly deposit of housing support funds is a strong indicator of the government's financial stability and commitment to its citizens. Injecting over one billion riyals monthly into beneficiaries' accounts contributes to boosting liquidity in the real estate market and stimulating economic activity in housing-related sectors. This support also enhances the social stability of Saudi families by providing access to their first home, which in turn improves the quality of life and overall well-being of society, thus achieving the comprehensive and sustainable development that the Kingdom aspires to.
