Saudi real estate fund collects SAR 6.1 bln from citizens in 2018: official

Saudi Arabia’s Real Estate Development Fund (REDF) collected SAR 6.1 billion from the Saudi citizens in 2018, general director Khalid Mohammed Al Amoudi said today at REDF Saudi Housing Finance 2019 conference.

The collection operations were activated recently, as it was challenging for the fund prior to its transformation, amid lack of resource planning.

The fund has set an investment department that reported return on investments worth SAR 580 million in 2018, he said, adding that REDF works with international financial advisors to achieve such results.

The goal behind these investments is not profitability but rather to create a facility capable of supporting sustainability, Al-Amoudi said.

REDF seeks to completely rely on its own financial resources by 2020, he said.

The fund is currently depending on government support – not financing – and the private sector’s abilities, he said, adding that the fund now commits to announced objectives and figures.

REDF loans in Q4 2018 represented 81 percent of loans given by the property finance sector, he added.