Real Estate Development Fund deposits $247m in Sakani accounts in July
Updated 25 July 2023
Arab News
RIYADH: Aimed at increasing homeownership among Saudis, the Kingdom’s Real Estate Development Fund has released another tranche of financing worth SR929 million ($247 million) to the beneficiaries of the affordable housing program Sakani in July.
This tranche is 1.42 percent up from the SR916 million the fund deposited last month into the accounts of the beneficiaries.
The fund’s move to release the fund in conjunction with the Ministry of Municipal and Rural Affairs and Housing aligns with the Kingdom’s Vision 2030 goals to provide adequate housing opportunities for Saudi families.
According to the fund’s CEO Mansour bin Madi, the deposited amount was allocated to support the subsidized real estate financing contracts, Saudi Press Agency reported.
The CEO added that the total amount deposited in the accounts of Sakani beneficiaries from June 2017 up to July 2023 has now amounted to an estimated SR50.2 billion.
He further said that the continuity of depositing the housing subsidy at the specified monthly time comes as an affirmation of the continuous efforts to further enable the beneficiaries to own the first home according to their needs and respective financial capabilities.
Launched in 2017, Sakani is a real estate initiative aimed at supporting as well as enabling Saudi citizens to own their first home. The program seeks to raise the proportion of housing ownership for Saudi families to 70 percent by 2030.
In June, the fund announced that it had inked finance agreements worth SR13.7 billion in the first quarter of 2023 to boost Saudi Arabia’s housing market, according to the National Development Fund’s quarterly report.
At the time, the report indicated that the deals sought to offer housing benefits to 21,000 citizens during the first quarter.
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 released by PwC Middle East in December.
Saudi Arabia’s housing demand stood at 99,600 houses in 2021 and was expected to increase by more than 50 percent to reach 153,000 homes by 2030.
Using space science to protect Saudi Arabia’s environment
Kingdom is harnessing satellite technology to forecast disasters, boost agriculture
Updated 02 January 2026
Haifa Alshammari
RIYADH: Learning space science has delivered significant environmental benefits worldwide, helping many countries better understand and manage climate challenges.
Saudi Arabia is now taking steps not only to explore the galaxy but also to invest in future generations who can apply space science to pressing environmental issues at home.
Last November, the Space Academy, part of the Saudi Space Agency, launched a series of seminars designed to enhance knowledge and develop skills in space science and technology, with a particular focus on Earth observation.
Running for nearly a month, the program formed part of a broader strategy to nurture national talent, raise scientific awareness, and build data capabilities that support innovation and research across the Kingdom.
Developing space sector can eventually help reduce some of the critical climate issues such as drought and air pollution. (AFP)
As efforts to strengthen the sector continue, important questions remain: How can space science translate into tangible environmental benefits? And how large is the global space economy?
In an interview with Arab News, Fahad Alhussain, co-founder of SeedFord, highlighted the scale of the opportunity and its environmental impact.
“To be frank, the slogan that we always use in space is that ‘saving the Earth from the space.’ It is all about this,” Alhusain told Arab News.
“You can recall a lot of related environmental issues like global warming, related to forests, related to the damage that happens to the environment. Without space, it would be almost impossible to see the magnitude of these damages.”
According to Alhussain, satellites have transformed how experts observe environmental changes on Earth, offering a comprehensive view that was previously impossible.
“By collecting data and using satellites… You can better analyze and measure so many things that help the environment,” said Fahad Alhussain. (Supplied)
He said that “the transformation of technology allows even the non-optical ways of measuring, assessing, and discovering what is going on in the environment … you can even anticipate fire before it happens in the forest.”
“You can detect the ice-melt down, you can get huge amount of information and can see it through the weather maps…there is a huge section in the economy for the environment,” Alhussain commented.
A 2022 report by Ryan Brukardt, a senior partner at McKinsey & Company, published by McKinsey Quarterly, found that more than 160 satellites currently monitor Earth to assess the impacts of global warming and detect activities such as illegal logging.
Brukardt cited NASA as an example of how advanced satellite tools are used to track environmental changes, including shifts in ocean conditions, cloud cover, and precipitation patterns. He also noted that satellite data can help governments determine when immediate action is needed, particularly in response to wildfires.
FASTFACT
Did You Know?
Satellites collect massive amounts of data, and AI is used to help interpret this information more efficiently and predict future outcomes.
The global space economy surpassed $600 billion in 2024 and is projected to exceed $1 trillion by 2030.
Saudi Arabia has established three key entities: the Supreme Space Council, the Saudi Space Agency, and the Communications, Space, and Technology Commission.
Beyond disaster response, satellites offer vital insights for agriculture. According to Brukardt’s report, scientists can use space-based data to monitor crop development and anticipate threats to harvests, such as drought or insect infestations.
These wide-ranging applications explain the rapid growth of the global space economy.
According to World Economic Forum research, the sector is projected to reach $1.8 trillion by 2035, nearly tripling from $630 billion in 2023.
A deeper understanding of space and its applications offers Saudi Arabia, and the world, better tools to anticipate climate challenges, protect ecosystems, and safeguard biodiversity. (Supplied)
For Saudi Arabia, expanding space science capabilities could help address the country’s arid conditions by monitoring desertification and identifying sources of air pollution. Early detection of droughts, heatwaves, and crop stress could support more effective environmental planning and response.
Space-based data could also play a critical role in tracking environmental changes in the Red Sea and surrounding coastal ecosystems, strengthening marine conservation efforts and supporting the Sustainable Development Agenda.
As Alhussain emphasized, advancing knowledge in space science and satellite technology enables experts to measure environmental damage accurately and predict disasters before they occur, allowing for more effective responses.
By investing in space science education and research, the Kingdom can build national expertise, strengthen environmental protection policies, enhance food and water security, and contribute to global efforts to combat climate change—while also benefiting from the rapidly expanding space economy.
Ultimately, a deeper understanding of space and its applications offers Saudi Arabia, and the world, better tools to anticipate climate challenges, protect ecosystems, and safeguard biodiversity.
“By collecting data and using satellites, you can better analyze and measure so many things that help the environment,” said Alhussain.
“There will be patterns where you can warn people, scientists and decision makers to do something about it.”
