March 2022

Real Estate Development Fund (REDF) has announced the signing of a joint agreement with the Saudi British Bank (SABB) to provide real estate developers with the necessary support and financing to develop high quality housing projects at competitive prices that meet the needs and demand of "SAKANI" beneficiaries under the subsidized mortgage program.

The agreement comes under "Tatweer" program, which is aligned with achieving the goals of the Housing Program - one of Vision 2030 projects. The initiative intends to increase the percentage of Saudis' home ownership to 70% by 2030, as well as to provide long-term housing and financing solutions in a sustainable manner through building supporting regulations and legislation.

Mr. Mansour bin Madi, CEO of REDF, and Mr. Tony Cripps, SABB Board Member and Managing Director of SABB, both signed the agreement.

"This agreement is an extension of the strategic relationship with recognized financing agencies within a series of partnerships with banks and real estate financing institutions to grow and ensure the continuity of small and medium enterprises and expand their role and contribution to speeding the pace of citizens' ownership of homes," said Mansour bin Madi, CEO of the Real Estate Development Fund, adding that the "Tatweer" program intends to promote the real estate sector institutions and businesses, diversify financing and housing options for "SAKANI" beneficiaries, and enhance the availability of ready and under-construction housing units at competitive costs and high quality.”

"The agreement with REDF reaffirms the importance of joint collaboration between government sector institutions and financing agencies to support and expand the real estate industry in order to accomplish the goals of Vision 2030," said Mr. Tony. "SABB is proud of this fruitful partnership with REDF to provide finance and housing options, as well as implementing collaborative programs and activities to address the beneficiaries' need to own suitable houses."

The "Tatweer" program signed 4 joint agreements to encourage financing agencies to work with real estate sector institutions and companies in order to improve market balance and create greater competition for the construction of quality housing projects at competitive prices in various regions of the Kingdom, with the aim of increasing the percentage of home ownership to 70% by 2030, according to the housing program targets.