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.

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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)