Saudi Prepares Safety Net US $ 372.5 Million

Riyadh, MINA – The Saudi Real Estate Development Fund has prepared a US $ 372.5 million ‘Sakani’ program in March as part of a safety net to address the ongoing coronavirus outbreak.

REDF General Superintendent Mansour bin Madhi said nearly US $ 106 million had been allocated to support profits from subsidized real estate contracts, around US $ 246.6 million for beneficiaries from military initiatives and US $ 32.4 million for civilian support.

From 2017 to March 2020 the agency has contributed about US $ 4.77 billion saved in the ‘Sakani’ program. Arab News reports on Monday.

Meanwhile, the Saudi Ministry of Investment in Saudi Arabia (MISA) has established the COVID-19 Response Center (MCRC) which is dedicated to supporting business continuity and reducing the negative impact on business when governments around the world implement measures to combat pandemics.

The MCRC continues to coordinate with more than 7,000 investors throughout the Kingdom, facilitating government support services and advising stakeholders on the best steps to face the challenges ahead. (T/RE1)

Mi’raj News Agency (MINA)