The Real Estate Development Fund of Saudi Arabia signed loan agreements for SR13.7 billion ($3.64 billion) in the first quarter of 2023 in an effort to expand the country's housing sector. The agreements sought to provide housing assistance to 21,000 people during the first quarter, according to the quarterly report of the National Development Fund.
These agreements support the Kingdom's Vision 2030 initiative, which intends to give Saudi families access to suitable and affordable housing options. During the first quarter of 2023, the fund also deposited more than SR2.7 billion into the accounts of Sakani recipients, according to the report.
The Sakani programme was introduced in 2017 by REDF to promote home ownership in the Kingdom through the creation of new housing stock, the distribution of lots and houses to citizens, and the financing of their acquisition. In addition, the study noted that over 53,000 new beneficiaries were added during the first quarter, and the fund's real estate advisor service made over 36,000 suggestions for housing and financing.
According to the report, the NDF of Saudi Arabia contributed approximately SR30 billion in funding support during the first quarter of 2023. To meet the social, economic, and cultural objectives outlined in the Kingdom's Vision 2030, funds was distributed through a number of cooperation agreements and financing support for various economic sectors.
This follows the fund's approval of nearly SR135 billion in financing support for 2022, according to its annual report, which was published in January. In order to support the goals of the National Strategy for Industry, the Saudi Industrial Development Fund also approved finance deals of SR875 million with 24 companies.