The Real Estate Development Fund (REDF) and the Saudi Real Estate Refinance Company (SRRC) signed a multi-stage financing partnership agreement to refinance the first government real estate portfolio owned by the Real Estate Fund worth 10 billion riyals.

The Real Estate Development Fund explained in a press release obtained by Arqaam that the agreement comes with the aim of enhancing the financial sustainability of the Real Estate Fund and the real estate finance market in the Kingdom to achieve the targets of the Housing Program - one of the programs of the Kingdom's Vision 2030 - to increase the percentage of home ownership for Saudi families to 70% by 2030.

The CEO of the Real Estate Development Fund, Mansour bin Madi, said that this agreement is part of the National Development Fund's strategy to support the goals and future plans of the Real Estate Fund in providing more financing and housing solutions in the real estate finance market to meet the needs and desires of Sakani beneficiaries to own suitable housing within the subsidized mortgage loan program.

He pointed out that this agreement represents a strategic opportunity that reflects the Fund's commitment to provide monthly housing support to the beneficiaries of the “Subsidized Loan” and enable future generations of housing.

It is noteworthy that the Real Estate Development Fund offers a loan of up to 500 thousand riyals subsidized by profits of up to 100%, through financing and housing solutions that suit the desires and financial capabilities of the beneficiaries of “Sakani”, and provides a number of housing options including self-building, buying ready-made housing units or under construction, through more than 18 accredited financing entities, and provided more than 31 billion riyals as monthly support to more than 560,000 beneficiaries during the period from June 2017 until the end of the third quarter of the current year 2021.