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Tuesday, Jun 18, 2024

Saudi Arabia's Real Estate Development Fund Signs $3.64 Billion in Finance Agreements to Boost Housing Market

Saudi Arabia's Real Estate Development Fund Signs $3.64 Billion in Finance Agreements to Boost Housing Market

The Real Estate Development Fund in Saudi Arabia signed finance agreements worth $3.64 billion in the first quarter of 2023 to boost the housing market and provide housing benefits to 21,000 citizens.
The fund also deposited $2.7 billion into the accounts of Sakani beneficiaries during the same period.

The Sakani program aims to facilitate home ownership by developing new housing stock, allocating plots and homes to nationals, and financing their purchase.

The fund's real estate advisor service recorded over 36,000 recommendations for housing and financing during the first quarter, and approximately 53,000 new beneficiaries.

The National Development Fund provided over $30 billion funding support in the first quarter of 2023, which was allocated through various cooperation agreements and financing support for various economic sectors.

The Saudi Industrial Development Fund also approved financing agreements valued at $875 million with 24 businesses to support the National Strategy for Industry.

In May, the Saudi Real Estate Refinance Co. announced $3.5 billion in sukuk issuances, which will boost market liquidity and assist lenders and investors, stabilizing the Saudi mortgage market and speeding up the rise of homeownership in the country.
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