In conjunction with the Ministry of Housing’s launch of its "Sakani" campaign today, informed sources revealed that the Real Estate Development Fund, through its various departments, has been working over the past period to find urgent solutions, especially since those in charge have set a new challenge: to process the applications of all those on the waiting lists, which include 413,000 registrants with loans estimated at approximately 206 billion riyals, with terms ranging from five to seven years. This will be achieved through the introduction of new programs, initiatives, and mechanisms, which are expected to be unveiled at today’s meeting with the Minister of Housing, in order to expedite the disbursement of funds.

It also reported that the collection departments in all Fund branches have sought to review loans disbursed in previous periods, finding that the accumulated amount of delinquent cash payments exceeds 30 billion riyals; which has increased their efforts to find solutions consistent with the Fund’s vision and determine how to recover these delinquent funds.

Sources indicated that, in this context, numerous letters were sent to government and private entities urging their employees who are borrowers to make payments in coordination with the relevant authorities; otherwise, the Fund will explore legal avenues to expedite repayment, after identifying approximately 125,000 borrowers; the names of those who are delinquent or in default on their loans have been submitted to the Saudi Credit Bureau (SIMAH) to expedite the repayment of their debts.

She explained that repayment by these borrowers will clear many names from the waiting lists, which the Fund estimates at more than 64,000 people; as the funds collected from former borrowers are re-lent to other citizens; this will help the Fund reduce the number of people on the waiting lists.