Riyadh; The Real Estate Development Fund of Saudi Arabia signed finance agreements worth SR13.7 billion ($3.64 billion) in the first quarter of 2023 in an effort to expand the country's housing market.   

The agreements sought to provide housing benefits to 21,000 people during the first quarter, according to the quarterly report of the National Development Fund. 

These agreements support the Kingdom's Vision 2030 strategy, which aims to give Saudi families access to suitable and affordable housing options. 

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During the first quarter of 2023, the fund also deposited more than SR2.7 billion into the accounts of Sakani beneficiaries, according to the report.   

The Sakani programme was introduced in 2017 by REDF to promote home ownership in the Kingdom through the creation of new housing stock, the distribution of lots and houses to citizens, and the financing of their acquisition.   

In addition, the report noted that over 53,000 new beneficiaries were added during the first quarter, and the fund's real estate advisor service made over 36,000 recommendations for housing and financing.   

According to the report, the NDF of Saudi Arabia contributed over SR30 billion in funding support during the first quarter of 2023.   

To achieve the social, economic, and cultural objectives outlined in the Kingdom's Vision 2030, funding was distributed through a number of cooperation agreements and financing support for various economic sectors.    

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This follows the fund's approval of over SR135 billion in financing support for 2022, according to its annual report, which was published in January.    

In order to support the goals of the National Strategy for Industry, the Saudi Industrial Development Fund also approved financing agreements worth SR875 million with 24 companies.    

The report also highlighted a number of accomplishments, agreements, and fresh initiatives that contributed to maximising the economic development impact on Saudi Arabia.   

Saudi Real Estate Refinance Co. announced sukuk issuances totaling SR3.5 billion in May, providing a new source of liquidity for the Kingdom's housing market.  

The Public Investment Fund's most recent SRC issuance, which is owned, was the sixth instalment of its expanded SR20 billion sukuk programme. 

According to SRC CEO Fabrice Susini, the real estate finance company will continue to increase market liquidity and support lenders and investors, which will stabilise the Saudi mortgage market. 

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Additionally, he continued, this action will hasten the growth of homeownership in the nation.   

According to Susini, "Investors' enthusiastic response to SRC's most recent sukuk issuance is a clear testament to the strength of the Kingdom's housing market and economy.