Riyadh, Saudi Arabia–-Saudi Arabia’s Real Estate Development Fund has launched a program to provide short and medium term financial facilities to real estate finance companies, which will in turn facilitate the kingdom’s initiative to provide affordable housing to its residents.
The kingdom aims to raise the percentage of home ownership to 70 percent by 2030.
The CEO of the Real Estate Development Fund, Mansour bin Madi, said the program will increase the contribution of real estate finance companies in the residential real estate finance market and also increase their share in the real estate finance market.
The program is also aimed at stimulating the mortgage market in line with the requirements of the Saudi Refinancing Company. It will also enable approved real estate finance institutions and companies to provide financing options to beneficiaries, and encourage them to create innovative financing and housing opportunities.
Bin Madi said the program will expand partnerships between the real estate financing sector and the real estate sector.