Damanat participates in the third edition of the Real Estate Future Forum, which is held under the auspices of the Ministry of Municipal Rural Affairs and Housing, from January 22 to 24, 2024, in Riyadh, under the theme “The Power of Resilience .. Building a Sustainable and Prosperous Real Estate Future”. The forum is attended by representatives from more than 85 countries and 300 speakers representing both the public and private sectors, along with a group of economists, investors, decision-makers, and real estate system experts at both local and international levels.

Damanat’s participation in the forum reflects its active role in enabling citizens to own suitable housing by providing innovative financial guarantee products through partners in financial institutions. This aims to contribute to enhancing residential and social stability, improving and developing the performance of the real estate sector, and achieving the objectives of the Housing Program, one of the programs of Vision 2030, to raise the homeownership rate to 70% by the end of 2030.

During the panel discussion held as part of the forum’s activities, in which CEO Hossam bin Youssef Radwan participates, the company will showcase its financial guarantee solutions and products for the current year 2024. The company will also highlight its future strategy and plans, which include offering a variety of insurance products to ensure that financing reaches a larger segment of citizens, reducing and sharing financial risks with financing bodies, and continuing to develop products that enhance integration with the housing system, ensuring the efficiency and quality of financing solutions and facilitating homeownership.

Damanat’s booth at the forum introduces visitors to the most prominent financial guarantee products offered by the company to stimulate financing bodies such as banks and financial companies. This aims to enhance their role in financing segments that are not targeted by banks by reducing the credit risks associated with the real estate financing process, which helps directly overcome the challenges facing these segments and thus enable them to obtain real estate financing.

Hussam bin Youssef Radwan, CEO of the Saudi Housing Guarantee Company “Damanat”, has confirmed that the company is set to launch new financing products in the first quarter of 2024 as part of its ongoing efforts to achieve the objectives of the Housing Program, one of the key initiatives under Saudi Vision 2030.

The CEO stated that Damanat, which was fully established with a capital of SAR 18 billion and is wholly owned by the Real Estate Development Fund, has been officially accredited by the Saudi Central Bank (SAMA) and licensed to operate in the general insurance and protection and savings insurance sectors. The company will work in alignment with the housing ecosystem under the supervision of SAMA, fulfilling its core mandate, pointing out that Damanat is the first of its kind in the Middle East.

Radwan further explained that Damanat will contribute to the development of the mortgage market, with continuous support from SAMA to enhance the financial sector’s efficiency and flexibility while fostering financial service innovation, aiming to enhance the level of financial inclusion in the Kingdom. The strategic partnership between Damanat and financial institutions, including banks and financial institutions, aims to maximize local and regional opportunities for mortgage market growth in Saudi Arabia. This will be achieved by leveraging the rapid expansion of the Saudi financing market, creating an attractive business environment for foreign investors, and collaborating with the Saudi Real Estate Refinance Company (SRC) to support banks and facilitate the issuance of mortgage-backed securities, following successful global models.

Radwan also highlighted Damanat’s highly skilled national workforce, dedicated to enhancing the company’s operational efficiency and fostering strong partnerships with key stakeholders in the housing and financial sectors including banks and financial institutions. He reaffirmed Damanat’s commitment to fintech adoption and digital transformation, leveraging enabling technologies to ensure sustainable growth in the mortgage financing sector in the Kingdom.