The Real Estate Development Fund announced the deposit of SAR 1.078 billion into the accounts of beneficiaries of the “Sakani” program for February 2024. This step comes within the framework of the ongoing efforts made by the Saudi government to enable citizens to own their first home and alleviate their financial burdens, in line with the objectives of the Housing Program, one of the most prominent programs of the Kingdom’s Vision 2030.
General context and objectives of the housing support program
The “Sakani” program, launched by the Ministry of Municipal and Rural Affairs and Housing in cooperation with the Real Estate Development Fund, is a cornerstone of the Kingdom’s strategy to address the housing sector. The program primarily aims to increase homeownership among citizens to 70% by 2030. Since its inception, the program has worked to provide diverse housing and financing solutions, including subsidized mortgage loans, ready-built housing units, and self-build options, giving beneficiaries greater flexibility in choosing what best suits their needs and financial capabilities.
The importance of support and its economic and social impact
The monthly injection of over one billion riyals into beneficiaries' accounts not only enables families to acquire housing, but also significantly stimulates the local economy. These funds contribute to revitalizing the real estate and construction sectors, increasing demand for building materials and engineering services, creating new job opportunities, and supporting the growth of small and medium-sized enterprises (SMEs) operating in this field. On a social level, homeownership provides family and psychological stability for citizens and enhances their quality of life, which is considered one of the most important objectives of comprehensive development in the Kingdom.
Digital facilities and innovative solutions
The Real Estate Development Fund affirmed its commitment to developing innovative financing solutions in collaboration with banks, financial institutions, and real estate developers. To streamline the beneficiary journey, all housing support program services are offered electronically through the “Sakani” platform and its mobile application. Additionally, the “Real Estate Advisor” service provides personalized recommendations and solutions based on each beneficiary’s financial data and housing needs. These digital services reflect the Kingdom’s commitment to digital transformation and facilitating efficient and convenient access to government services for all citizens.
