His Excellency the Minister of Municipalities and Housing and Chairman of the Board of Directors of The Real Estate Development Fund Mr. Majid bin Abdullah Al-Hogail witnessed the signing of an agreement between the Real Estate Development Fund and First Bank, which aims to enable the beneficiaries of the “under construction” housing units product to obtain a competitive financing offer up to 2.99%.

His Excellency the Minister of Municipalities and Housing and Chairman of the Board of Directors of the Real Estate Development Fund (REDF). His Excellency stressed that the agreement represents a new step in the path of enabling Saudi families to own property through effective partnerships with the banking sector, stressing that the constant work is to develop renewable solutions that keep pace with the needs of citizens and support the achievement of the objectives of the housing program and Vision 2030, indicating that these partnerships reflect the transformation approach led by the Fund in enabling citizens to own the appropriate housing.

His Excellency stressed that the agreement represents a new step in the path of enabling Saudi families to own property through effective partnerships with the banking sector. The CEO of the Real Estate Development Fund, Luay Al Nahid, explained that the agreement comes as an extension of the strategic partnerships that the Fund holds with financing entities, as part of efforts to achieve the objectives of the Housing Program - one of the programs of the Saudi Vision 2030 - by providing flexible and diverse solutions that enable families to own suitable housing.

He added that the agreement reflects the Fund's commitment to diversify financing solutions for beneficiaries of housing units under construction through innovative programs that contribute to the utilization of housing projects in line with the aspirations of citizens.

<The agreement is part of a series of partnerships that the Fund holds with financial institutions to provide competitive products that support the journey of home ownership. <It is noteworthy that the Fund offers a range of financing solutions for beneficiaries of under-construction housing units, most notably: Down payment support of up to 150 thousand riyals non-refundable, the “your support equals your installment” financing solution, in addition to in-kind support, in addition to other solutions and benefits that enhance the opportunities for Saudi families to own a home.

The Fund offers a range of financing solutions for beneficiaries of housing units under construction, most notably.