Saudi Arabia’s Real Estate Development Fund has signed more than 58,000 financing contracts for the kingdom’s various housing support programs during the first half of 2022.
Mansour bin Madi, CEO of the Real Estate Development Fund, said one of the goals of the kingdom’s transformative Vision 2030 is to raise the percentage of house ownership to 70 percent, and to provide housing and financing solutions in a sustainable manner, by building regulations and supporting legislation.
He added that the fund provided about 33 percent of the beneficiaries credit facilities in accordance with the controls and procedures of the Guarantee Program and the Soft Mortgage Program.
The Guarantee Program contributed to empowering 6,000 beneficiaries, while the number of beneficiaries of the Soft Mortgage Program reached more than 13,000 during the first half of 2022.
He lauded the organizational and legislative role of the housing system and the integrative partnership with financing agencies and real estate developers in enabling more than 660,000 beneficiaries of housing support programs, from June 2017 until the end of the first half of 2022.
The Fund offers nine different options: four subsidized real estate loan products and five housing support packages, through more than 43 e-services, in addition to the real estate advisor service and self-service devices in the fund’s branches around the clock.
