The Real Estate Development Fund, through its various programs to support citizens' ownership of housing units, has succeeded in reducing the waiting lists of citizens applying to the Fund to less than 475 thousand citizens.

The Director General of the Real Estate Development Fund, Eng.

The Director General of the Real Estate Development Fund, Engineer Yousef bin Abdullah Al-Zughaibi, said: There is no doubt that the joint financing programs with banks and real estate finance companies, and the start of the implementation of the new regulation for housing support, which stipulates that the eligible citizen must receive the loan within a year from the date of approval; to the multiple applications of the additional loan. The expansion in the establishment and development of branches of the Real Estate Fund; the latest of which is the Riyadh branch, which started working several weeks ago, all contributed to reducing the waiting lists of citizens who applied to the Real Estate Fund on the condition of land, and their number was more than 600,000 citizens.

Engineer Al-Zughaibi stressed that the recent regulations enacted by the Fund aimed at besieging the black market for loans by requiring the loan holder to repay overdue loans before selling to another citizen, so that the loan holder himself pays the loan and transfers it, has strengthened the access of the eligible borrower to the loan, and not to procrastinate or consider transferring it to (some) who exploit the need to provide cash in exchange for selling the loan, thus depriving other beneficiaries of these loans.

Al-Zughaibi stressed that the recent regulations enacted by the Fund aimed at besieging the black market for loans.