REDF, Al Rajhi Bank sign agreement to finance Sakani program

The Real Estate Development Fund (REDF) and Al Rajhi Bank signed an agreement to finance the updated housing support program packages.

This agreement comes within the framework of continuous efforts to improve the ability of beneficiaries of Sakani program to afford housing costs, in order to achieve the objectives of the housing program - one of the programs of Vision 2030 - to provide adequate housing, Saudi Press Agency reported.

REDF CEO Mansour bin Madi indicated that the agreement comes within the strategic partnership between the fund and the financing entities, with the aim of diversifying housing support options with more solutions and benefits.

Furthermore, the agreement serves Sakani beneficiaries in a manner that suits their different financing capabilities and their need to own suitable housing within various solutions and benefits, said the official, noting that the program allows beneficiaries to obtain immediate, non-refundable support of up to SAR 150,000 for housing support products.

For his part, Al Rajhi Bank's Managing Director and CEO Walid Almogbel, said that the agreement confirms the distinguished partnership with REDF, and supports the goals of providing financing and housing solutions to Sakani beneficiaries, in light of the bank’s several options that contribute to Saudi families owning suitable housing.