Khalid bin Mohammed Al-Amoudi, General Supervisor of the Real Estate Development Fund, announced the launch of the self-build program in response to requests from beneficiaries as part of efforts to diversify financing options.
Al-Amoudi added during a Ministry of Housing press conference that this program will be launched through a group of lenders from the banking sector.
Al-Amoudi explained that, as part of efforts to strengthen the relationship with beneficiaries, the support contract was revised to include a “tripartite contract” for housing support, developed in collaboration with financing institutions.
The General Supervisor of the Real Estate Fund noted that the contract includes all three parties (the Fund, the beneficiaries, and the real estate financier).
In his remarks to reporters during the conference, Al-Amoudi noted that the Fund is optimistic about fulfilling citizens” needs, and that approval has been granted to provide support to 100,000 citizens, adding that no specific figures are available at this time but will be announced in due course.
The Ministry of Housing announced today, Thursday, the allocation of 21,730 housing units as part of the third phase of the 2018 housing program.
