The Saudi Housing Guarantee Services Company “Damanat” and the Saudi Reinsurance Company (Re) signed a memorandum of understanding (MoU) aimed at strengthening cooperation between the two companies in the field of reinsurance for the real estate finance sector, in light of their ongoing efforts to support the National Housing Program and contribute to achieving its objectives.

The MoU focuses on developing innovative risk management solutions, which enhances the growth and stability of the real estate finance sector, in addition to developing the financial sector as a whole. The agreement also includes providing the necessary technical support to develop insurance products and reinsurance services, including building pricing models, underwriting mechanisms, and efficient claims management. This cooperation comes within the framework of the two companies’ efforts to enhance compatibility with the aspirations of international investors and build strong Saudi-international partnerships that support risk management in the real estate finance sector

During the signing of the agreement, Mr. Osama Al-Othman, CEO of “Damanat”, stressed the importance of this partnership, adding that it: “highlights the importance of cooperation between national companies to enhance the position of the insurance sector as a key factor in achieving financial stability for vital economic sectors, most notably the housing program, noting that the memorandum of understanding represents the beginning of a strategic partnership that supports the achievement of the Kingdom’s Vision 2030.”

For his part, Mr. Ahmed Al-Jabr, CEO of “Re”, expressed: “The signing of this memorandum establishes a constructive relationship that unifies efforts and paves the way towards achieving sustainability in the insurance and real estate finance sector, adding that the company looks forward to working with “Damanat” to develop innovative solutions that support the insurance and real estate finance sectors.”

This cooperation between “Damanat” and “Re” represents an important step towards enhancing cooperation between national companies and combining efforts to achieve the goals of the National Housing Program of the Kingdom’s Vision 2030, which aims to increase citizens’ home ownership, improve the quality of life, and achieve sustainable development.

The Saudi Housing Guarantee Services Company “Damanat” has announced the appointment of Eng. Thamer bin Mohammed Youssef as its Chief Operating Officer (COO), reinforcing the company’s commitment to strengthening its leadership team with distinguished expertise.

Eng. Thamer brings over 28 years of experience in the banking sector, having held several key leadership positions, including:

• Chief Operating and Technology Officer at Banque Saudi Fransi (BSF).
• Chief Technology Officer at The Saudi Awwal Bank (SAB).
• Executive Director of Technical Support at The Saudi British Bank (SABB).
• Executive Director of Technical Support at The Saudi American Bank.

In addition to his executive career, Eng. Thamer serves on multiple boards of directors, including:

• Chairman of Sakan at Banque Saudi Fransi.
• Board Member of JB at Banque Saudi Fransi.
• Board Member of JB Risk Management at Banque Saudi Fransi.
• Board Member of Risk Management at Najm.
• Board Member of Excellence Makers, where he also serves as Chairman of the Nomination Committee.

Eng. Thamer holds a Bachelor’s degree in Computer Engineering from King Saud University and has completed the Executive Management Program at INSEAD, equipping him with extensive expertise in operational and strategic leadership.

His appointment aligns with Damanat’s vision to drive innovation and enhance its housing guarantee services, contributing to Saudi Arabia’s Vision 2030 and the evolving needs of the market.

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.

The CEO of the Saudi Housing Guarantee Services Company “Damanat”, Mr. Hossam Radwan, welcomed the Chairman of the Board of Directors of “Damanat” and the CEO of the Real Estate Development Fund, Mr. Mansour bin Madi, at the company’s booth at the Real Estate Future Forum 2024. During the visit, Radwan and bin Madi reviewed the company’s activities and services, which focus on providing various guarantee products for financial institutions, real estate developers, and investors in the real estate sector. Additionally, the company’s efforts to support beneficiaries of housing support programs by providing guarantees to financial institutions, facilitating their access to the necessary financing to own suitable housing, were highlighted.

The Minister of Municipal Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Hogail, reviewed the financial products of the Saudi Housing Guarantee Services Company “Damanat” during his visit to the company’s booth at the Real Estate Future Forum.

He was welcomed by the Chairman of the Board of “Damanat”, Mr. Mansour bin Madi, and the company’s CEO, Mr. Hossam Radwan, who gave him a detailed explanation of the innovative guarantee products that “Damanat” offers to banks and financial companies. These products aim to empower citizens and facilitate their access to their first homeownership with a low borrowing cost.

The CEO of “Damanat”, Hossam Radwan, expressed his gratitude and appreciation to the Minister for his presence and continuous support to the real estate sector. He affirmed the company’s commitment to continuing to provide high-quality guarantees to its partners from banks and financial institutions, contributing to the increase in the supply of real estate financing. This aligns with the goals of Saudi Vision 2030, which aims to raise the homeownership rate among citizens to 70% by the end of 2030.