Saudi's REDF to deposit $453m towards 'Sakani' beneficiaries

Published: 5 February 2020 - 9:30 a.m.

Saudi Arabia’s Real Estate Development Fund (REDF) has deposited $453m (SAR1.7m) into the accounts of citizens benefiting from its Sakani housing programme for January 2020.

The fund has shown commitment for the fourth year in a row of depositing monthly funding in the accounts of beneficiaries since the announcement of subsidised mortgage in June 2017, according to a report by the state-run Saudi Press Agency.

Total deposited amounts from June 2017 until January 2020 reached $3,950m (SAR14,850), the REDF's spokesperson, Hamoud Al-Osaimi reportedly said.

Al-Osaimi further said that as per Saudi Arabian Monetary Authority's (SAMA) monthly report, the signed mortgage loans in 2019 were more than 179,217 contracts compared to 2018, which recorded a total of 50,496 contracts.

Construction Week previously reported that the kingdom’s Sakani housing programme is expected to boost Saudi Arabia’s real estate market in 2020 by increasing the amount and value of transactions; and by stabilising residential sales prices.

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