The “Housing Finance Conference in Saudi Arabia” organized by the Real Estate Development Fund concluded its work yesterday in Riyadh, with the participation of a group of Their Excellencies, a group of specialists and experts in the real estate finance market.
<His Excellency the Minister of Housing, Mr. Majid bin Abdullah Al-Hogail, opened the conference keynote presentation by talking about the challenges facing the housing sector in the Kingdom of Saudi Arabia.
His Excellency reviewed the Ministry of Housing's policies to address the sector's challenges, which include housing finance and subsidy policy, supply support policy, and new sector regulations and legislation.
During his speech at the conference, H.E. Al Haqeel opened the keynote presentation.
During his speech at the conference, Mr. Majid Al-Hogail said that the Ministry of Housing seeks to increase the volume of real estate financing from the current 290 billion riyals to 502 billion riyals by 2020.
Al-Haqeel explained that work is underway to facilitate access to finance so that Saudi citizens have five times more opportunities to obtain it than in the past. The Kingdom is increasing activity in the real estate market as it seeks to revitalize its economy and takes steps to reform the sector as part of the Kingdom's Vision 2030.
<For his part, the General Supervisor of the Real Estate Fund, Khaled Al Amoudi, emphasized that the Fund has worked in the previous period to develop more than 18 financing solutions with banks and participating financing bodies, in order to enable all citizens of different segments and categories (such as military personnel, retirees, private sector employees and self-employed) to obtain real estate financing quickly and flexibly, without bearing the burden of financing profits.
He pointed out that Saudi Arabia is the only country in the world that subsidizes the profits of the mortgage loan for a percentage of up to 100%, and owns the largest real estate finance fund in terms of capital in the world, and explained that the Fund worked to stimulate the financing sector to play its role in serving the citizen and enabling him to own the right housing for him, indicating that the Fund has served 860 thousand families during 40 years, and seeks to develop its capabilities and face challenges in more effective ways to serve 480 thousand families by 2020.
The Fund has served 860 thousand families during 40 years, and seeks to develop its capabilities and face challenges in more effective ways to serve 480 thousand families by 2020. The General Supervisor of the Fund indicated that the Fund aims to enable the citizen, regardless of his job or age, to obtain real estate financing easily and at the lowest cost.
