A new home financing firm was launched in KSA for sake of supporting more Saudi citizens to own their homes all around the kingdom.
The firm, Bidaya Home Finance, will commence operations in Riyadh, the Saudi capital. The firm is a joint venture between the Public Investment Fund and Jeddah-based Islamic Corporate for the Development of the Private Sector and it has a capital of 900 million riyals.
The new foundation’s main aim is raising the percentage of Saudis owning their own homes as government data estimates that 60% of citizens own their own homes while international reports show home ownership in Saudi Arabia at 36% only.
The chairman of Bidaya Home Finance, Khaled Mohammed Al-Aboodi, said that the firm was established to enable home ownership in the first place.
Al-Aboodi mentioned that the firm’s main role is to facilitate access to finance for middle-income buyers.
The company’s CEO, Mazin bin Ahmed Al Ghunaim, mentioned that Bidaya is committed to simplifying the mortgage financing process, reducing the time it take and using innovative mortgage solutions.
The company’s short-term goal as declared is to open three branches operating in Riyadh, Jeddah, and Dammam. The company announced also opening a digital presence by the end of the current year.