With a capital of SAR 18 billion, Majid Al-Hogail, Minister of Municipal, Rural Affairs and Housing and Chairman of the Real Estate Development Fund, approved the Board of Directors of the Saudi Housing Guarantee Company “Damanat”“ as a closed joint stock company wholly owned by the Real Estate Development Fund.
The Board of Directors of Damanat is composed of Mansour Bin Madi as Chairman, Jamal Al-Kashi as Vice Chairman, with the membership of Ahmed Al-Jasser, Eng. <The Board of Directors of Damanat consists of Mansour bin Madi as Chairman, Jamal Al Kashi as Vice Chairman, Ahmed Al Jasser, Engineer Nawfal Al Salama, Faisal Al Saqqaf, Hashim Al Haqeel and Hani Al Medini, and the Board approved the appointment of Hussam Radwan as Chief Executive Officer of the company. The establishment of ”Damanat“ comes within the framework of the strategic plans of the Real Estate Development Fund to promote financing and housing solutions, work to develop the mortgage market in the Kingdom in partnership with financing entities from banks and financial institutions, and contribute to the establishment of a secondary market for the mortgage sector as part of joint efforts to increase market efficiency and achieve the objectives of the housing program.
Mansour bin Mansour bin Maktoum explained that the board approved the appointment of Hussam Radwan as CEO of the company. <Mansour bin Madi, Chairman of the Board of Directors of ”Damanat“, CEO of the Real Estate Development Fund, explained that the establishment of the Saudi Housing Guarantee Company aims to issue financing guarantees to facilitate citizens” ownership of housing, and support the real estate development sector to establish off-plan sales projects, pointing out that the regulatory and legislative environment for the real estate finance sector in the Kingdom contributed to the success of programs and initiatives, which had a great impact on the establishment of “Damanat”, which is a continuation and crowning success of <a style="color: #800000;" href="https://portal. The Mortgage Finance Guarantee Program, which was launched in 2018, has enabled 113,000 beneficiaries to own a home until the end of the first quarter of 2023.
Redf.gov.sa/ar/LoanProcedures/Pages/Private_Loans_Procedures3.aspx.
