The Real Estate Development Fund is preparing with intensive efforts to transform into a financial institution that will be a pioneer in the field of financing individuals and companies to build housing with specifications that satisfy the citizen. Press sources said that the work on the transformation is nearing completion in coordination with a number of government institutions and financing entities, as there are regular meetings with these entities to accelerate the transformation.

The Real Estate Development Fund is preparing for the transformation.

Intensive preparations for the transformation

. <The Fund has taken serious steps to revolutionize financing in the field of the residential sector, and a study of the transformation was made before that, after the Fund's employees gained financing expertise as a result of enrolling employees in many specialized courses in cooperation with consultants who work with the bank on the subject of transformation, The Fund has been preparing for the transformation for quite some time, after the transformation study was carried out three years ago, which was commissioned by a specialized international institution, and perhaps the acceleration is due to the Fund's desire to accelerate finding some solutions to the housing crisis that most cities in the Kingdom suffer from.

Gain experience by diversifying programs

<The transformation advisory team has worked with the global company specialized in the transformation of financing entities from government to investment financing with the bank's administrators to diversify these programs and initiatives in order to create a financing environment for the Fund upon transformation, and the Fund's employees have gained experience from these various programs and initiatives, and the transformation requires developing the Fund's capital in line with the upcoming period that helps restore the Fund's personality from a government entity to a financing entity that carries a lot of experience in accelerating the support of housing beneficiaries through mortgage loans, and the Fund will maintain its primary function as the arm of the Fund.

Twenty initiatives pave the way for transformation

<During the previous period, the Fund launched more than twenty programs and initiatives that played an important role in paving the way for the Fund's transformation into a bank, most notably: (Special Loan Program - Additional Financing Program - Accelerated Loan Program - Loan Guarantee Program - Investment Loan Program to build housing complexes - Investment Loan Program to develop raw land - Legislation to sort and resell some housing units - Legislation to build an additional floor or an additional unit on a building Legislating the purchase of a dwelling previously financed by a loan from the Fund and granting a loan on it - Guarantor Program - Early Ownership Program - Off-plan Purchase Program - Joint Loan Program - One-time loan disbursement legislation - Reducing the areas required for full loan disbursement for apartments to 175 m).

More than 224 billion riyals required

It is worth mentioning that the number of borrowing requests in the Real Estate Fund until the end of last year is 448,326 requests, while the estimated value of these requests is 224,144 billion riyals, and those in charge of the Fund seek to find solutions for those on the waiting list in the Fund, while there are about 120 thousand male and female citizens who have not received their loans due to the high prices of land, labor and building materials.