Khalid Al-Amoudi, General Supervisor of the Real Estate Development Fund, confirmed that transferring the fund’s beneficiaries—who number more than 500,000 citizens—to banks is not intended to harm them but rather to shorten the processing time, explaining that the term for subsidized financing has been set at between 5 and 7 years, whereas it could exceed 40 years under the old system.

He added that the first year of subsidized financing has yielded a number of benefits, the most important of which are reducing waiting lists and speeding up access to financing in partnership with banks and financial institutions, in addition to supporting six citizens compared to just one under the previous mechanism.

On another note, Al-Amoudi said that the Fund welcomes any ruling issued by the judicial authorities, and we have clear motives and reasons for our shift to working with financial institutions, referring to recent court rulings requiring the Real Estate Development Fund to process applicants under the previous system by lending them 500,000 riyals.