Over 49,000 Loans Via Sakani in Six Months

Real Estate Development Fund (REDF)
Real Estate Development Fund (REDF)
TT
20

Over 49,000 Loans Via Sakani in Six Months

Real Estate Development Fund (REDF)
Real Estate Development Fund (REDF)

The Saudi Real Estate Development Fund (REDF) revealed that the total number of mortgage loans announced by Sakani Program during the past six months reached 49,800 backed by the fund in partnership with banks and financial institutions. These loans represent 39 percent of total housing and funding options announced by Sakani program on a monthly basis – in addition to loans, they include prefabricated units, under construction units and free lands.

REDF added that this number of mortgage loans is half Sakani's target in its second phase of 2018 -- the target total of loans until December is 100,000 for those on the waiting list at Real Estate Development Fund. It added that during the past year it announced 85,000 mortgage loans distributed around the kingdom.

Within the program, Riyadh has the greatest percentage of mortgage loans, reaching around 28 percent, followed by Makkah, with 16 percent. The remaining percentage was distributed over the other regions.

REDF spokesman Hamoud Al-Osaimi said the fund, in partnership with financial institutions, continues to provide services to beneficiaries whose names were announced during recent batches of Sakani.

Thousands of citizens have completed their applications and been approved for mortgage loans, he added, stressing the fund’s aim to help citizens get housing that suits them.

The ministry and the fund urged citizens to visit the sakani.housing.sa portal for a list of people allocated housing this month, and to visit the portal eskan.gov.sa and the REDF portal redf.gov.sa to complete the necessary procedures, update data and approve products.



Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035

Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
TT
20

Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035

Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo

XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday.

XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion.

On Tuesday, its board, whose members include former BP CEO Bernard Looney and Blackstone's Jon Gray, approved the capacity target and a new five-year business plan.

Board members also supported the assessment of potential gas acquisitions and LNG opportunities in North America, Reuters reported.

ADNOC's current US investments already sit under XRG, and the oil giant's Chief Executive Sultan Al Jaber said in March that XRG would make a significant investment in US natural gas in coming months.

XRG has also changed the name of its low carbon energies platform to Energy Solutions to reflect the full scope of the company's strategy, including energy demand linked to artificial intelligence and the digital economy, a company spokesperson said on Tuesday.

The board "endorsed the company's ambition to create a top three global chemicals platform," XRG said.

ADNOC had agreed in October to buy German chemicals maker Covestro for 14.7 billion euros ($16.73 billion) including debt. Jaber later said it would sit under XRG.