عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia: $206 Mn to Beneficiaries of Sakani Program

Saudi Real Estate Development Fund logo
Saudi Real Estate Development Fund logo
TT
20
TT

Saudi Arabia: $206 Mn to Beneficiaries of Sakani Program

Saudi Real Estate Development Fund logo
Saudi Real Estate Development Fund logo

Saudi Real Estate Development Fund announced that more than $206 million were deposited during August in the accounts of beneficiaries of Sakani program developed in cooperation with the Ministry of Housing.

The Fund said in a press statement that the monthly deposits come in support of the profits of the subsidized mortgage contracts. The Fund affirmed its full commitment to the monthly support of all beneficiaries.

CEO of the Fund Khalid al-Amoudi said that the total amounts deposited in the accounts of the beneficiaries of “subsidized mortgage” since the announcement of the transformation in June 2017, and until the end of last August, amounted to $367 million.

The total amount deposited to military personnel who benefit from the housing loan initiative amounted to about $1.5 billion, provided as an interest-free loan to be paid after completing the payments of the basic loan.

Amoudi explained that in July, the Fund achieved the highest level of real estate financing contracts signed in the history of the funding authorities, amounting to about 16,000 contracts.

He pointed that the Fund's share of the total market rose by 90 percent, which confirms the growth of residential mortgages to individuals from all financial institutions including banks and finance companies.

Sakani is a program provided by the Ministry of Housing and the Real Estate Development Fund which allocated in 2017 about 280,000 residential products across Saudi Arabia. In its July report, the Fund reported that the total of beneficiaries reached 109,137 including 46,188 who are residing in their houses.

In July, 28,516 households benefited from the funding and housing programs, and 7,780 households received their housing units.

The program noted that the total of under-construction housing units that have been reserved by beneficiaries since the beginning of the year until July reached 342,180 units.

Further, a total of 20,572 free lands were handed for their recipients, while the total beneficiaries from the real estate loan in the same period totaled 46,327, in addition to 23,896 loans for those who wish to build their own houses.

Most Viewed

 
Business

Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
TT
20
TT

Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)

Egypt's cabinet approved a 4.6 trillion Egyptian pound ($91 billion) draft state budget for the financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an IMF program.

Expenditures will rise by 18% and revenue by 19% over the current 2024/25 budget. Revenue is expected to hit 3.1 trillion pounds, working out to a deficit of about 1.5 trillion pounds ($30 billion).

The increased expenditure partly reflects elevated headline inflation, which was running at an annual 12.8% in February.

Financial reforms under an $8 billion financial reform program signed in March 2024 with the International Monetary Fund have helped Egypt bring inflation down from a peak of 38% in September 2023.

The IMF this month approved the disbursement of $1.2 billion to Egypt after its fourth review of the program.

The new budget targets a primary surplus of 795 billion pounds, equal to 4% of GDP, up from the 3.5% primary surplus originally targeted in the 2024/25 budget.

The IMF granted the government a waiver in the fourth review after the surplus came in 0.5% of GDP lower than Egypt's earlier commitment.

In its third review in June, the IMF praised Egypt for its "strict control of spending".

The new budget also lowers public debt to 82.9% of GDP from an expected 92% in 2024/25, the cabinet statement said.

The cabinet said 732.6 billion pounds in spending in the new budget would be allocated for subsidies, grants and social benefits, an increase of 15.2%.

The budget increases commodities and bread subsidies by 20% to 160 billion pounds. It will also include 75 billion pounds to subsidize petroleum products, 75 billion pounds to subsidize electricity and 3.5 billion pounds to subsidize natural gas deliveries to households, the statement added.