Saudi Real Estate Fund deposits over $370m for nationals

Nearly $106 million had been allocated to support the profits of subsidized real estate contracts, around $246.6 million for beneficiaries of the military support initiative and $32.4 million for the civilian support initiative. (File/AFP)
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Updated 25 March 2020
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Saudi Real Estate Fund deposits over $370m for nationals

  • Nearly $106 million out of the total had been allocated to support the profits of subsidized real estate contracts
  • Since 2017, until March 2020 the fund has seen around $4.77 billion deposited in the ‘Sakani’ program

DUBAI: The Saudi Real Estate Development Fund has set aside $372.5 million in the ‘Sakani’ program for March as part of a safety net in the Kingdom for the ongoing coronavirus crisis.

Speaking during a press conference by the General Supervisor of REDF Mansour bin Madhi, he said nearly $106 million had been allocated to support the profits of subsidized real estate contracts, around $246.6 million for beneficiaries of the military support initiative and $32.4 million for the civilian support initiative.

Since 2017, until March 2020 the fund has seen around $4.77 billion deposited in the ‘Sakani’ program.

Meanwhile, Saudi Arabia’s Ministry of Investment of Saudi Arabia (MISA) has established a dedicated COVID-19 Response Center (MCRC) to support business continuity and mitigate negative business impact as governments across the world implement measures to combat and limit the pandemic, state news agency SPA reported.
The MCRC is continuing to coordinate with more than 7,000 investors throughout the Kingdom, facilitating government support services and advising stakeholders on best practices to approach potential challenges.


Saudi Arabia celebrates Flag Day with displays, special events

Updated 11 March 2026
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Saudi Arabia celebrates Flag Day with displays, special events

  • Nation goes green in show of unity, belonging
  • Current design of the flag, which represents unity and sovereignty, was adopted in 1937

RIYADH: A new art exhibition has opened at King Abdulaziz Public Library in Riyadh, as the country celebrates Flag Day, which fell on Wednesday.

The event, titled “In Love with Green,” is being held in collaboration with the Saudi Art Association and features 20 fine art paintings inspired by the Saudi flag, as well as other cultural and contemporary images and landmarks.

The current design of the flag, which represents unity and sovereignty, was adopted in 1937. It features the Shahada and a sword symbolizing justice and safety, representing the unification of the Kingdom during the reign of King Abdulaziz Al-Saud.

The exhibition, at the library’s services branch and reading halls on Khurais Road, was opened by the library’s Director General Bandar Al-Mubarak and the association’s board chair Hanaa Al-Shibly.

Visitors can attend from 9 p.m. to 1 a.m.

Elsewhere in the country, public spaces and buildings have become a sea of green for Flag Day.

In Al-Baha, government buildings, squares and main roads were decorated with green lighting and national flags were hoisted in public squares.

It was a similar picture in Makkah, where people celebrated the annual show of pride and belonging against a green backdrop.

In Tabuk, authorities installed more than 7,000 flags along roads, squares and bridges, while the region’s landmarks and tunnels were illuminated with green and white lights.

More than 10,000 Saudi flags were also hoisted in Jazan, where Souk Al-Awalin in Jazan City is set to host a range of events and performances to mark the special occasion.