REDF needs SAR 212 bln to lend mortgage applicants

28/02/2016 Argaam

The Real Estate Development Fund (REDF) needs an additional SAR 212 billion to lend 450,000 mortgage loan applicants on its waiting list, according to general manager Yousef bin Abdullah Zughaibi.

 

The state-owned fund, which offers financing in cooperation with the private sector, was converted into a bank last year to address a shortage of affordable housing in Saudi Arabia, Zughaibi said during a meeting at the Riyadh Chamber of Commerce and Industry.

 

Around 100,000 of its loan borrowers are currently in default, he added.

 

The fund has 40 branches across the kingdom and a size of SAR 183 billion ($49 billion), according to its website.

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