“Damanat” Launches First Product for Financing Real Estate Developers in Off-Plan Sales Projects
In support and empowerment of real estate developers, and to encourage them to increase the supply of housing units with quality solutions and suitable financing guarantees for various segments of society, His Excellency the Minister of Municipal and Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Hogail, today launched Damanat’s first product for financing real estate developers for off-plan sales projects, licensed by the Insurance Authority. This event was attended by the Chairman of the Board of Directors of the Saudi Housing Guarantee Services Company “Damanat”, Mr. Mansour bin Madi, the CEO of the Insurance Authority, Engineer Naji Al-Tamimi, and the CEO of Damanat, Mr. Hossam bin Youssef Radwan.
The product represents one of the main enablers to facilitate citizens’ ownership of their first homes by supporting real estate developers to increase the supply of housing units with suitable financing guarantees for various segments. This contributes to accelerating the achievement of Housing Program goals in line with Saudi Arabia’s Vision 2030.
The CEO of Damanat, Mr. Hossam Radwan, emphasized that the company is committed to providing suitable products that stimulate financial institutions and strengthen strategic partnerships. These efforts ensure risk reduction, which helps expand housing support to cover all regions of the Kingdom and meet the diverse needs of all societal segments, listing the program’s features that enable a safe investment environment in off-plan sales projects.
Radwan added that the product comes within Damanat’s commitment to activating its strategic plans and efforts to achieve its set targets by developing supporting products to stimulate the real estate finance sector in the Kingdom. This makes Damanat a significant contributor and active partner within the Kingdom’s housing system, doubling its contribution to providing affordable housing opportunities that meet the aspirations of housing seekers, enhancing financial inclusion, and supporting the national economy.
It is worth mentioning that the Saudi Housing Guarantee Services Company “Damanat”, wholly owned by the Real Estate Development Fund and established in 2023, seeks to establish the first mortgage market in the Kingdom, contributing to the sustainable development of the real estate finance sector in Saudi Arabia. This market reflects the active role played by the Housing Program, providing integrated programs and diverse housing and financing options for citizens.