Saudi fund deposits $250.8m into Sakani accounts to drive homeownership

This financial injection is a part of the fund’s continuous efforts to enhance housing affordability for families. File
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Updated 25 August 2023
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Saudi fund deposits $250.8m into Sakani accounts to drive homeownership

RIYADH: In a bid to further support Saudi families in their pursuit of homeownership, the Saudi Real Estate Development Fund has deposited SR941 million ($250.8 million) into Sakani accounts during August, as reported by the Saudi Press Agency.

The initiative, coordinated by the REDF in collaboration with the Ministry of Municipal, Rural and Housing, underscores the fund’s commitment to supporting Sakani beneficiaries.

This financial injection is a part of the fund’s continuous efforts to enhance housing affordability for families and drive the realization of the housing program’s objectives, which are integral to the Saudi Vision 2030 framework.

Since its launching in June 2017, the total deposits in the accounts of the program’s beneficiaries have surpassed SR51.2 billion.

To streamline the process, the fund set up electronic channels to enable people to update the construction phases of their homes, ensuring the required engineering and technical standards are met.

The Kingdom aims to increase the proportion of Saudi households that own a house from 47 percent in 2016 to 70 percent by 2030.

The fund recently announced it had inked finance agreements worth SR13.7 billion ($3.64 billion) in the first quarter of 2023.

According to the quarterly report of the Kingdom’s National Development Fund, the deals sought to offer housing benefits to 21,000 citizens in the three months to the end of March this year.


QatarEnergy announces force majeure following Iran attacks: statement

Updated 04 March 2026
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QatarEnergy announces force majeure following Iran attacks: statement

DOHA: Qatar’s state-run energy firm on Wednesday declared force majeure following attacks on two of its main facilities that halted liquefied natural gas production and as Iran pressed missile and drone attacks across the Gulf.

“Further to the announcement by QatarEnergy to stop production of liquefied natural gas and associated products, QatarEnergy has declared Force Majeure to its affected buyers,” the company said in a statement.

QatarEnergy invoked the clause, which shields it from penalties and potential breach of contract claims from clients, after stopping LNG production on Monday.

Iranian drones attacked two of the company’s main production hubs in Ras Laffan Industrial City, 80 km north of Doha and in Mesaieed 40 km south of the Qatari capital, Doha’s ministry of defense said at the time.

The Gulf state is one of the world’s top liquefied natural gas producers, alongside the US, Australia and Russia.

On Tuesday, QatarEnergy said it would halt some downstream production of some products including urea, polymers, methanol, aluminum and others.

Qatar shares the world’s largest natural gas reservoir with Iran.

QatarEnergy estimates the Gulf state’s portion of the reservoir, the North Field, holds about 10 percent of the world’s known natural gas reserves.

In recent years, Qatar has inked a series of long-term LNG deals with France’s Total, Britain’s Shell, India’s Petronet, China’s Sinopec and Italy’s Eni, among others.