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Saudi Arabia: $206 Mn to Beneficiaries of Sakani Program

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

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Business

Japan Sets $19 Billion Business Target in Central Asia

TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov, Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025. David MAREUIL/Pool via REUTERS
TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov, Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025. David MAREUIL/Pool via REUTERS
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Japan Sets $19 Billion Business Target in Central Asia

TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov, Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025. David MAREUIL/Pool via REUTERS
TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov, Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025. David MAREUIL/Pool via REUTERS

Japan unveiled a five-year goal on Saturday for business projects totalling $19 billion in Central Asia as Tokyo vies for influence in the resource-rich region.

The announcement came after Prime Minister Sanae Takaichi hosted an inaugural summit with the leaders of five Central Asia nations -- Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan -- in Tokyo.

Japan "set a new target of business projects at a total amount of 3 trillion yen in 5 years in Central Asia", a joint statement said after Takaichi wrapped up her meeting with the five leaders.

Like the United States and the European Union, Japan is drawn by the region's enormous, but still mostly unexploited, natural resources in a push to diversify rare earths supplies and reduce dependence on China, AFP reported.

"It is important for Central Asia, blessed with abundant resources and energy sources, to expand its access to international markets," the statement said.

The leaders agreed to promote cooperation that can help the "strengthening of critical minerals supply chains", while also pledging to achieve economic growth and decarbonisation.

They also held separate summits with Russia's Vladimir Putin, China's Xi Jinping and EU chief Ursula von der Leyen this year.

The summit was seen as important for Japan to increase its presence in the region, said Tomohiko Uyama, a professor at Hokkaido University specializing in Central Asian politics.

"Natural resources have become a strong focus, particularly in the past year, because of China's moves involving rare earths," Uyama told AFP on Friday, referring to tight export controls introduced by Beijing this year.

The leaders agreed on Saturday to expand cooperation regarding "Trans-Caspian International Transport Route", a logistics network connecting to Europe without passing through Russia.

Efforts towards "safe, secure, and trustworthy Artificial Intelligence" were also agreed.

Tokyo has long encouraged Japanese businesses to invest in the region, although they remain cautious.

Xi visited Astana in June, and China -- which shares borders with Kazakhstan, Kyrgyzstan and Tajikistan -- has presented itself as a main commercial partner, investing in huge infrastructure projects.

The former Soviet republics still see Moscow as a strategic partner but have been spooked by Russia's invasion of Ukraine.

Other than rare earths, Kazakhstan is the world's largest uranium producer, Uzbekistan has giant gold reserves and Turkmenistan is rich in gas.

Mountainous Kyrgyzstan and Tajikistan are also opening up new mineral deposits.

However, exploiting those reserves remains complicated in the harsh and remote terrains of the impoverished states.

Business

World Bank Approves $700 Million for Pakistan's Economic Stability

A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD
A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD
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World Bank Approves $700 Million for Pakistan's Economic Stability

A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD
A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD

The World Bank said on Friday that it has approved $700 million in financing for Pakistan under a multi-year initiative aimed at supporting the country's macroeconomic stability and service delivery.

The funds will be released under the bank's Public Resources for Inclusive Development - Multiphase Programmatic ⁠Approach (PRID-MPA), which could provide up to $1.35 billion in total financing, the lender said. Of this amount, $600 million will go for federal programs and $100 million will ⁠support a provincial program in the southern Sindh province.

The approval follows a $47.9 million World Bank grant in August to improve primary education in Pakistan's most populous Punjab province.

In November, an IMF-World Bank report, uploaded by Pakistan's finance ministry, said Pakistan's fragmented ⁠regulation, opaque budgeting and political capture are curbing investment and weakening revenue. Regional tensions may surface over international financing for Pakistan.

In May, Reuters reported that India would oppose World Bank funding for Pakistan, citing a senior government source in New Delhi.

Business

Oil Set for Second Straight Weekly Decline on Supply Outlook

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
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Oil Set for Second Straight Weekly Decline on Supply Outlook

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol

Oil prices rose on Friday but were poised for a second straight weekly decline as a potential supply glut and prospects of a Russia-Ukraine peace deal limited gains driven by concerns over disruptions from a blockade of Venezuelan tankers.

Brent crude futures were up 52 cents, or 0.87%, at $60.34 a barrel by ‌1357 GMT ‌while US West Texas Intermediate crude ‌rose ⁠51 ​cents, ‌or 0.9%, to $56.66.

On a weekly basis, the Brent and WTI benchmarks were down 1.3% and 1.4% respectively, according to Reuters.

"That we're ⁠staying down at these levels indicates that the market is awash with ‌oil right now," said Ole Hansen, ‍head of commodity strategy at ‍Saxo Bank. "There's enough oil to mitigate any disruptions."

Uncertainty over ‍how the US would enforce President Donald Trump's intent to block sanctioned tankers from entering and leaving Venezuela tempered geopolitical risk premiums, IG analyst Tony Sycamore said.

Venezuela, which pumps about 1% ​of global oil supplies, on Thursday authorised two unsanctioned cargoes to set sail for China, said two ⁠sources familiar with Venezuela's oil export operations.

Optimism over a potential US-led Ukraine peace deal also eased supply risk concerns, Sycamore said.

However, Bank of America analysts said they expect lower oil prices to curb supply, which could stop prices from going into freefall.

Investors also watched developments in Russia's war in Ukraine after Kyiv ramped up attacks on Russia's energy infrastructure. Ukraine struck a "shadow fleet" oil tanker in the Mediterranean Sea with aerial drones for the first time, ‌a Ukrainian official said on Friday.