RIYADH: More support has been handed out to help Saudi families own their homes after SR940 million ($250 million) were deposited into their Sakani accounts in May, the Saudi Press Agency reported.

The amount — paid out by Saudi Arabia’s Real Estate Development Fund in conjunction with the Ministry of Municipal and Rural Affairs and Housing — is in line with the fund’s continued efforts to support Sakani beneficiaries.

Sakani is a real estate initiative aimed at supporting Saudi citizens and families to own their first home.

The program seeks to raise the proportion of housing ownership for Saudi families to 70 percent by 2030.

The newly-deposited amount also aligns with the Kingdom’s Vision 2030 goals, which aim to provide adequate housing opportunities for Saudi families.  

The amount was allocated to support various housing support contracts, according to REDF CEO Mansour bin Madi.

The total amount deposited in the accounts of Sakani beneficiaries since the announcement of the transformation program back in June 2017 has exceeded SR48.4 billion, Bin Madi disclosed.

Earlier this week, REDF signed agreements with Bank Albilad and Saudi Awwal Bank with the aim of allowing more Saudi citizens the access to easy financing solutions to help them own homes.

The deals aim to diversify the housing support options for Sakani beneficiaries, one of which includes provision of up to SR150,000 on certain housing options such as ready-made units.

The two agreements were part of strategic partnerships planned with banks and real estate financing institutions, the CEO explained.

Ongoing initiatives implemented by the government, including access to finance and regulations standardizations, are reforming the housing market and improving access for Saudi families, according to a report from PwC Middle East. 

Saudi Arabia’s housing demand stood at 99,600 houses in 2021 and is expected to increase by more than 50 percent to reach 153,000 houses by 2030.