His Excellency Majid bin Abdullah Al-Hogail, Minister of Municipal, Rural Affairs, and Housing, today launched the first products from Damanat to finance real estate developers for off-plan sales OPDG, licensed by the Insurance Authority under identification number F-DMNT-1-C-24-00, in the presence of Mansour bin Saeed bin Madi, Chairman of the Board of Directors of the Saudi Housing Guarantee Services Company “Damanat”; Engineer Naji Al-Faisal Al-Tamimi, CEO of the Insurance Authority; and Hossam bin Youssef Radwan, CEO of Damanat.
The product serves as one of the key enablers to facilitate citizens” acquisition of their first home, by incentivizing real estate developers to increase the supply of residential units through innovative methods and appropriate financing guarantees for various income brackets, thereby contributing to accelerating the achievement of the Housing Program’s targets—one of the programs under the Kingdom’s Vision 2030.
The CEO of "Guarantees,“ affirmed that the company seeks to provide innovative solutions and suitable products that help incentivize financing entities and strengthen partnerships to offer the necessary facilities and ensure risk mitigation for expanding housing support and related activities, thereby covering various cities and meeting the needs of diverse segments.
He added: ”We seek to provide a safer investment environment for investors in off-plan projects, as Damanat is a leader in the field of real estate financing guarantees in the Kingdom of Saudi Arabia and has extensive experience in this area.“
This step reaffirms the company’s ongoing efforts to implement its strategic plans and achieve its goals of developing innovative products, with the aim of stimulating the real estate finance sector in the Kingdom, making ”Damanat“ a key pillar of the Kingdom’s housing system, as it helps provide affordable homeownership opportunities and promotes financial inclusion.
It is worth noting that the Saudi Housing Guarantee Services Company ”Damanat” seeks to streamline the process for beneficiaries by providing innovative solutions and simplified procedures to contribute to the sustainable development of the mortgage sector.
