His Excellency Dr. Essam bin Saad bin Saeed, Acting Minister of Housing and Chairman of the Board of Directors of the Real Estate Development Fund, has approved the extension of the one-year grace period granted to all citizens by an additional year. The Director General of the Real Estate Development Fund, Engineer Yusuf Al-Zaghibi, explained in a statement to the Saudi Press Agency that His Excellency the Acting Minister of Housing and Chairman of the Fund’s Board of Directors had approved the extension of the one-year grace period granted to all citizens approved for loans prior to October 24,1435 AH and ending on 10/25/1436 AH, to utilize the loan or suspend or cancel it after the one-year grace period. Engineer Al-Zaghibi said: “They have been granted an additional year, which is extendable, to enable citizens to benefit from the new initiatives issued by the Fund and to give them sufficient time for these initiatives to bear fruit. and also because the remaining period of the grace period coincides with the summer vacation season, which would burden beneficiaries with the search for suitable property, as well as to stabilize the market and allow for a greater supply of units and land. The Fund’s Director General thanked His Excellency Dr. Ibn Saeed for this approval, which will have a significant impact on the beneficiaries.