RIYADH: The Real Estate Development Fund (REDF) in Saudi Arabia said that 140,000 new Saudi families will be able to own their home this year through the Sakani program.
Mansour bin Madi, CEO REDF said this will help to achieve the housing targets set out within the Saudi Vision 2030, the Saudi Press Agency reported.
It aims to boost Saudi homeownership to 70 percent.
Some 644,000 families in total will have benefited from different types of assistance under the scheme by the end of 2021, the fund chief predicted.
The “subsidized loan” program enabled more than 424,000 Saudi families to own adequate housing, since its launch in June 2017 through the end of 2020.
The programme provides Saudi nationals with access to residential plots, self-construction residential housing, prefabricated housing units, and under-construction housing units, among other options.
The Sakani’s digital platforms provide details of the location, features, and prices of the residential units available for immediate and electronic reservation.
The scheme runs in partnership with the private sector and channels financing options to people who can also construct their own homes.
