Saudi National Bank : SNB and REDF launch program to reduce real estate profit margins for fund's beneficiaries of under-construction units

The Saudi National Bank (SNB) and the Real Estate Development Fund (REDF) launched a program to reduce real estate financing profit margins for the fund's beneficiaries of the under-construction residential units product​

On Tuesday, September 12, 2023, REDF and SNB launched a program to reduce the real estate financing profit margin for the fund's beneficiaries, of the under-construction residential units product. Under the auspices of His Excellency Minister of Municipal, Rural Affairs and Housing, Mr. Majed Al-Hogail. The program, launched by REDF in cooperation with SNB, comes within the scope of joint efforts to enhance the partnership with the private sector and financial institutions, to facilitate the journey for beneficiaries to own suitable housing, improving the affordability of housing costs, and accelerating ownership for families in line with the objectives of the housing program - one of The Kingdom's Vision 2030 programs - by providing financing and housing solutions in a sustainable way.

The launch of the program to reduce the real estate financing profit margin for the fund's beneficiaries of the under-construction residential units product, comes within a series of programs and initiatives that were launched with SNB, aiming to diversify the housing support options for "Sakani" beneficiaries through various solutions and benefits, held on the sidelines of the Cityscape Global Exhibition in the presence of His Excellency Deputy Minister of Municipal, Rural Affairs and Housing Eng. Abdullah bin Mohammed Al-Badir, the CEO of Real Estate Development Fund, Mr. Mansour S. Bin Madi, the CEO of SNB, Mr. Talal Al-Khereiji, and the Group Head of Retail Business, Mr. Saud Bajbair.

The launch of the program is an extension of the strategic partnership with approved financing agencies within the scope of joint efforts, to enable "Sakani" beneficiaries with financing solutions and benefits as part of the Housing Support Program packages. The program also falls under one of the bank's strategic goals to be "the first bank in customer service", and to improve its services for "Sakani" beneficiaries who wish to benefit from real estate financing, through financing solutions of the Housing Support Program packages, where the real estate financing profit margin will be reduced for the fund's beneficiaries of the under-construction residential units product.

SNB is one of the first local banks to support the residential sector, being the largest financial institution in the Kingdom, as it plays a leading role in supporting the Kingdom's development through its contributions to development initiatives, programs, and plans that will contribute to achieving sustainable growth and prosperity for the Kingdom's economy. Especially since the housing sector is one of the most important sectors to which the "Kingdom's Vision 2030" pays special attention, with the aim of enabling all groups of society to obtain adequate housing and raising the ownership rate among Saudi citizens.