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Preparation taking place to convert REDF to housing bank

Saudi Arabia - April 28, 2015

The Saudi Minister of Housing, Essam Bin Saad, said that preparations are taking place nowadays to convert the Real Estate Development Fund to a Housing Bank in the context of the government’s pursuit of filling the real estate market gap and solve the housing problems in Saudi cities.

He added to Aljazira newspaper that an international banking company is currently studying the feasibility of this step.

The minister declarations came during attending the opening ceremony of Riyadh Real Estate and Housing Exhibition taking place in Riyadh Conferences Center. He added also that the ministry is doing all its effort to stabilize the market as is established a cooperation program with developers to construct 41.917 thousand apartments. It launched also a marketing program for projects established by private real estate developers targeting housing support beneficiaries.

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