At its fourth regular meeting yesterday, the Board of Directors of the Real Estate Development Fund\u2014chaired by the Minister of Housing and Chairman of the Fund\u2019s Board of Directors, Dr. Essam bin Saad bin Saeed\u2014approved the launch of the accelerated loan program. Under this program, applicants on the loan waiting lists who wish to do so will be able to go to banks with which the Fund has agreements to obtain a loan, and the Fund will pay the cost of the loan to the banks.<\/p>\n
Approval was also granted for partnerships with developers to develop residential and commercial areas in the targeted regions and cities, in accordance with a mechanism that includes the necessary controls and requirements, with the aim of enhancing the Fund\u2019s capital efficiency by leveraging its available resources and utilizing the options provided by its regulations, in accordance with the Board\u2019s desire to invest a portion of its capital pursuant to Paragraph 2 of Article 3 of the Real Estate Development Fund Regulations issued by Royal Decree No. M\/23 dated 11\/6\/1394 AH, to contribute to the development, growth, and improvement of cities, particularly the inner areas of large cities, and especially those cities suffering from a shortage of residential land.<\/p>\n
The Board of Directors of the Real Estate Development Fund also approved the amendment of certain titles and the merger of some departments within the Fund to align with the Fund\u2019s new phase and future directions, In addition, the Board approved the Fund\u2019s initiation of a study on outsourcing the management, supervision, and maintenance of shared service facilities in the Fund\u2019s housing buildings to homeowners\u2019 associations, provided that coordination takes place with the relevant authorities to ensure they carry out their assigned duties, It was also approved to send a number of the Fund\u2019s employees to study a financial analysis program in the United States of America.<\/p>\n
The Fund\u2019s Vice Chairman and Director General, Engineer Yusuf bin Abdullah Al-Zaghibi, thanked the Chairman of the Board and the members for their support of the Fund\u2019s development initiatives, emphasizing that such decisions, along with previous Board resolutions, have propelled the Fund into an important phase in its operational journey to actively contribute to the realization of the vision of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud \u2014may God preserve him\u2014by providing adequate housing for every citizen.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>The Board of Directors of the Real Estate Development Fund (REDF) agreed in its fourth regular meeting yesterday, chaired by the Minister of Housing and Chairman of the Board of Directors of the Fund, Dr. Essam bin Saad bin Saeed, to launch the accelerated loan program. The accelerated loan program will enable applicants on the waiting lists to go to the banks with which the Fund will agree to obtain the loan and the Fund will pay the cost of the loan ... 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