Riyadh-Amlak
His Excellency Dr. Shuwaish bin Saud Al-Duwaihi, Minister of Housing and Chairman of the Board of Directors of the Real Estate Development Fund, briefed the Fund’s board members on the key features of the new eligibility and housing support mechanism that the Ministry and the Fund are working on for the coming period, with the aim of implementing the royal directives to provide to those eligible, highlighting the significant efforts made by the Ministry of Housing to develop the eligibility mechanism. He commended the Fund’s efforts and its active contributions to the Kingdom’s construction and real estate development over the past forty years, as well as the loans it has provided for applications exceeding nine hundred thousand requests. This came during today’s Board of Directors meeting, where His Excellency welcomed the Board members at the outset and reviewed the loans provided by the Fund during the current fiscal year 1434/1435 AH. The total number of loans approved for this year 52,689 loans for the construction of approximately 63,219 housing units, with a total value of over 26.342 billion riyals. These loans contributed to the construction of a large number of housing units benefiting many citizens, thereby reducing the waiting period to approximately 10 years, whereas it had reached 16 years three years ago in some cities. He commended the Fund’s positive steps in streamlining and simplifying procedures for citizens. The Board approved the promotion of a number of Fund employees and discussed a range of topics aimed at developing the Fund’s work and supporting its progress so that it can fulfill its developmental mission and contribute to the nation’s construction efforts. The following Board members participated in the meeting: Vice Chairman of the Board Mohammed bin Ali Al-Abdani, Dr. Sulaiman bin Abdullah Al-Ruwaished, Dr. Abdulrahman bin Abdulmohsen Al-Khalaf, Bandar bin Abdulaziz Al-Waili, Engineer Mohammed bin Sulaiman Al-Arifi, Engineer Ali bin Saleh Al-Barrak, and Saud bin Abdulaziz Al-Ansari.