Riyadh, May 22, 2023, SPA — Minister of Municipal, Rural Affairs and Housing, Chairman of the Board of Directors of the Real Estate Development Fund Majed bin Abdullah Al-Hogail has approved the Board of Directors of the Saudi Mortgage Guarantees Company (Damanat), a closed shareholding company wholly owned by the Real Estate Development Fund, with a capital of SAR18 billion and its headquarters to be in Riyadh.
The Damanat Board of Directors consists of Mansour Saeed bin Madi as chairman, Jamal bin Ali Al Kishi as vice-chairman, and members Ahmed bin Suleiman Al Jaser, Nowfal bin Saleh Al-Salamah, Faisal bin Omar Al Saggaf, Hashem bin Othman Al-Hogail, and Hani bin Madini Al Madini. Also, the Board has approved the appointment of Hossam bin Yousef Radwan as CEO of the company.
The establishment of Damanat comes within the framework of the Real Estate Development Fund’s strategic plans to enhance financing and housing solutions, work on developing the mortgage market in the Kingdom in partnership with financing entities such as banks and financing institutions, and contribute to the establishment of a secondary market for the mortgage sector as part of the common efforts to raise the efficiency of the market and achieve the goals of the housing program, one of the Saudi Vision 2030 projects.
Bin Madi, who is also CEO of the Real Estate Development Fund, said that the Saudi Mortgage Guarantees Company was established to offer financing guarantees that make it easier for citizens to own houses and support the real estate development sector to establish off-plan sales projects. He pointed out that the regulatory and legislative environment for the real estate financing sector In the Kingdom contributed to the success of the programs and initiatives that had a significant impact on the establishment of the Damanat company, considered a continuation and crowning of the success of the real estate financial guarantee program launched in 2018, which enabled more than 113,000 individuals to own houses by the end of the first quarter of 2023.
–SPA
21:45 LOCAL TIME 18:45 GMT
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