Riyadh, Saudi Arabia—Saudi Arabia has deposited 891 million riyals in subsidy to the beneficiaries of a housing program, Iskan, aimed at raising the percentage of homeownership to 70 percent by 2030 under the kingdom’s Vision 2030 transformation initiatives.
The subsidy for the month of November was deposited into the accounts of the Sakani beneficiaries by the Real Estate Development Fund.
The CEO of the Real Estate Fund, Mansour bin Madi, said the subsidy pays for the profits of subsidized real estate financing contracts.
Since the launch of the program in June 2017, a total of 42.6 billion riyals has been provided to its beneficiaries. Mansour bin Madi said the fund was keen to educate its beneficiaries on the importance of saving and financial planning and benefiting from the advisor’s service.
The fund provides housing support program services through more than 43 digital services through the fund’s electronic portal, the real estate advisor service, in addition to self-service devices in all its branches and 24 hours a day.