The Minister of Housing, Chairman of the Board of Directors of the Real Estate Development Fund, Majid bin Abdullah Al-Hogail, confirmed that the new real estate development fund system, which was approved by the cabinet yesterday, gives the fund independence and flexibility in partnership by providing financing and housing solutions, and it also comes as a prime enabler for Saudi families to own homes easily and easily. It promotes the construction of housing projects in partnership with government sectors such as secretariats and city development agencies. It also represents a qualitative step towards strengthening partnerships with government agencies and the private sector from financing institutions and real estate development companies to achieve inclusiveness and diversity in the provision of housing and financing products and solutions that are commensurate with all segments of society. General Supervisor of the Real Estate Development Fund, Mansour bin Madi, has indicated that the most prominent of what was mentioned in the new system of the fund: “Establishing savings funds for citizens in cooperation with financing agencies – providing total or relative guarantees to support financing the beneficiaries – establishing companies that enable it to achieve its goals – and issuing Sukuk, bonds and other debt instruments – continued support and empowerment of citizens to own a suitable home, invest capital and conclude Agreements with real estate developers and financing agencies ».
It is noteworthy that the Fund provides, according to its new system, most of the services it used to provide in the old system, most notably the subsidized loan, the self-construction loan and others. It will work in the next phase according to a new vision that is characterized by flexibility and independence and focus on innovating more programs and expanding partnerships with the two sectors, and establishing partnerships with the two sectors. The companies that achieve its goals, and the system grants the authority to its board of directors to prepare and implement programs that keep pace with the next stage, and it is also linked to the National Development Fund, and for the first time the fund will have the right to enter into partnerships with district secretariats, city development agencies and real estate development companies to serve the housing process.