Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail said that Damanat is developing the mortgage market in the Kingdom in partnership with banks and financial institutions and contributing to building a secondary market for the mortgage sector.
Saudi Housing Guarantee Services Company (SHGSC) works to develop the mortgage market in the Kingdom in partnership with financing entities from banks and financial institutions.
Facilitating homeownership
Al-Haqeel added, via his official Twitter account, on Monday, that the role of Damanat comes in issuing financing guarantees to facilitate citizens" ownership of housing and support the real estate development sector to establish off-plan sales projects in all regions of the Kingdom.Haqeel added that the bank's license comes in the form of financing guarantees to facilitate citizens" ownership of housing and support the real estate development sector. He added that the Saudi Central Bank's license for the Saudi Housing Guarantee Services Company ”Damanat", owned by the Real Estate Development Fund, is an important step to support the targets of the housing program.
The Central Bank announced on Monday that the role of Damanat comes to issue financing guarantees to facilitate housing ownership by citizens and support the real estate development sector to create off-plan sale projects in all regions of the Kingdom. On Sunday, the Central Bank announced the licensing of the Saudi Housing Guarantee Services Company (Damanat), a company owned by the Real Estate Development Fund, to engage in insurance activity in the branches of "general insurance“ and “protection and savings insurance”.
The Central Bank of Saudi Arabia announced the licensing of Damanat, a company owned by the Real Estate Development Fund.
The Real Estate Development Fund, said that the approval of the Saudi Central Bank "SAMA", yesterday, Sunday, to grant the operational license to the Saudi Housing Guarantee Services Company "Damanat" owned by the Real Estate Development Fund, comes to complete the march of the mortgage guarantees program in enabling citizens to own the appropriate housing.
The Real Estate Development Fund added. The Real Estate Development Fund added, via its official Twitter account, that the mortgage guarantee program, which was launched in 2018, has contributed to enabling more than 116,000 beneficiaries to own a home.
