Saudi suspends new applications to affordable housing scheme

Saudi Arabia’s Ministry of Housing yesterday suspended applications for support under the Sakani affordable housing program.

Announcing the move on Twitter, the program said applications for civilians and military personnel will be suspended from 31 May.

The ‘Sakani’ programme aims to serve more than 300,000 families through options that include the provision of residential land, as well as subsidised real estate loans for the purchase of prefabricated units, units under construction and self-constructed units.

The Civilian and Military Support Initiatives provide interest free loans to civil, private and retired government sector employees.

Saudi’s economy has been reeling as a result of the plunge in global oil prices and coronavirus lockdowns which have halted Hajj and Umrah travel. The government has recently increased taxes in an effort to recoup its losses and withdrew a number of public sector employee benefits.

READ: Saudi to take ‘strict, painful’ measures to deal with coronavirus impact