Aiming to boost Saudi Arabia’s housing market, the Kingdom’s Real Estate Development Fund inked finance agreements worth SR13.7 billion ($3.64 billion) in the first quarter of 2023.
The deals sought to offer housing benefits to 21,000 citizens during the first quarter, according to the National Development Fund’s quarterly report.
Such agreements are in line with the Kingdom’s Vision 2030 strategy that aims to provide adequate and affordable housing opportunities for Saudi families.
The fund also deposited over SR2.7 billion into the accounts of Sakani beneficiaries during the first quarter of 2023, the report said.
The Sakani program was launched in 2017 by REDF to facilitate home ownership in the Kingdom by developing new housing stock, allocating plots and homes to nationals and financing their purchase.
Furthermore, the fund’s real estate advisor service recorded over 36,000 recommendations for housing and financing during the first quarter, in addition to approximately 53,000 new beneficiaries, showed the report.
Saudi Arabia’s NDF provided over SR30 billion funding support in the first quarter of 2023, according to the report. The funding was allocated through a number of cooperation agreements and financing support for various economic sectors with an aim to achieve the social.—AN
