RIYADH: The Real Estate Development Fund (REDF) in Saudi Arabia has said that 140,000 new Saudi families will be able to own their homes this year through the Sakani program.
Mansour bin Madi, CEO of REDF, said it would help achieve the housing targets set out in the Saudi Vision 2030, the Saudi press agency reported.
It aims to increase Saudi home ownership to 70 percent.
By the end of 2021, some 644,000 families will have benefited from various types of assistance under the scheme, the fund chief predicted.
The ‘subsidized loan’ program has enabled more than 424,000 Saudi families to own adequate housing, since its launch in June 2017 until the end of 2020.
The program offers, among other things, Saudi citizens access to residential plots, residential housing in their own construction, prefabricated housing units and housing units under construction.
Sakani’s digital platforms provide details on the location, features and prices of the residential units available for immediate and electronic booking.
The scheme is offered in partnership with the private sector and finances financing options to people who can also build their own homes.