120,000 homes to be handed over
01 March 2017
The Saudi government is to hand over 120,000 residences to its citizens across the kingdom under an ambitious housing programme named Sakani, which was launched last month.
The homes are part of a total of 280,000 units and financial assistance products to be allotted by the ministry, reported the Saudi Gazette.
Under the Sakani programme, the Ministry of Housing will start allotting the homes to the most deserving citizens this year. There will be preference for widows, divorcees, people with special needs, and those with lower-incomes.
Prince Saud Bin Talal, adviser and general supervisor at the agency for housing at the ministry, said that the first batch under the Sakani initiative includes 15,653 homes and financial products.
These include 2,937 housing units, 5,016 housing plots, and financial support for 7,700 through the Real Estate Development Fund (RDF), in collaboration with the local banks and financial institutions.
The project will be implemented in partnership with the private sector, which is represented by local and international real estate developers. Apart from 120,000 homes, the programme includes 75,000 plots ready for construction, and financial support for 85,000 from RDF and banks, said the report.
The housing units and financial assistance will be allotted in monthly instalments over a period of three years.
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