REDF transfers guaranteed financing portfolio to Dhamanat

The signing ceremony

The Real Estate Development Fund (REDF) signed today, Jan. 22, an agreement to transfer the portfolio of guaranteed financings to the Saudi Mortgage Guarantee Services Co. (Dhamanat) in partnership with various financial entities at the Real Estate Future Forum.

REDF said the agreement, the largest in the real estate financing market, will transfer its real estate financing program's portfolio of guaranteed financings to Dhamanat. The program has helped over 116,000 beneficiaries with housing ownership since 2018, providing SAR 77 billion in guaranteed real estate loans, now moving to Dhamanat, Saudi Press Agency reported.

Mansour bin Madi, Chairman of Dhamanat and CEO of REDF, stated that this transfer is part of Dhamant's ongoing activities.

The program aims to assist housing support program beneficiaries who are not credit-approved by financial entities, including banks and financing institutions, in acquiring necessary financing for suitable housing.

Bin Madi highlighted Dhamanat's role in boosting the real estate sector. It offers diverse residential and financing options to beneficiaries, aligning with the Housing Program objectives of Saudi Vision 2030.