Saudi government has started on the procedures of converting the Real Estate Development Fund to Real Estate Development bank according to a source statement to “Al Iqtisadiya” newspaper. The fund is already being restructured nowadays to guarantee more flexibility in citizens’ finance.
Real Estate Development Bank seeks investing its 191 billion SAR capital in different sectors in order to open the way for expanding lending operations for citizens.
The bank works also on strengthening ties with major real estate developers to finance their projects in total compliance with the bank’s terms in order to offer new residential units available for all society’s sectors. It works also on creating new finance programs and expand lending operations to cover more people.
In another respect the Saudi Housing Minister Majid Al Hogail has stated that the ministry is progressing in steady footsteps starting from comprehending the residential market, passing through identifying the major factors in current supply and demand rates, and working on varying the residential products to fit the current and coming generations.