Real Estate Development Fund Enabler Kicked off

The Real Estate Development Fund unleashed a real estate enabler to help developers to obtain appropriate financing from the financing agencies “Tatweer”. The program aims to support real estate development companies and institutions to increase the real estate supply of housing units, to achieve the objectives of the housing program – one of the programs of the Kingdom’s Vision 2030 – by raising the percentage of family ownership, in Saudi Arabia by 70% at the end of 2030.

“Tatweer” program is an extension achieving the objectives of the Housing Program – one of the programs of the Kingdom’s Vision 2030 – to enable demand and increase supply, by removing obstacles facing the sector, to promote balance in the market, within the efforts of the Real Estate Development Fund to find financing programs, that provide support to companies and institutions working in the real estate development sector.

Housing, according to the fund’s new strategy, small and medium, in particular, and encourage financing agencies to deal with them to obtain the necessary financing to develop and expand their activities, in the real estate market, in all regions of the Kingdom.

The CEO of the Real Estate Development Fund Mansour bin Madi explained that “Tatweer” program is a platform to facilitate real estate developers obtaining financing from banks and financial institutions, to enable them to develop housing projects of high quality and competitive prices, that meet the needs and desires of the beneficiaries of the real estate loan program supported by the “sakani” program.

The launch of the program came through the co-signing of the first framework agreement with Riyad Bank, and other agreements will be signed with the rest of the financing agencies, during the coming period.

“Tatweer” program will have an effective positive impact on developing and ensuring the continuity of small and medium enterprises, in the real estate sector. through its contribution to increasing the real estate supply, and it also contributes to attracting a new segment of the sector’s facilities, that have not previously dealt with the financing agencies and enhances its role in participating in achieving the goals of the Kingdom’s Vision 2030, he stressed.

Financing of real estate developers will be through a joint committee consisting of the Real Estate Development Fund, the Ministry of Municipal and Rural Affairs and Housing, and a partnership program for small and medium enterprises, Real Estate Fund CEO indicated, explaining that the application for the “Tatweer” program will be through the electronic portal of the Real Estate Fund.

It is noteworthy that “Tatweer” program is one of the programs that support balanced urban development, across the Kingdom, to achieve the objectives of the Housing Program – one of the programs of Vision 2030 – and diversify financing and housing options for the beneficiaries of housing support and increase the real estate supply of ready and under-construction housing units.

It also contributes to the development of the infrastructure and housing projects with high quality, and the creation of great competition, among real estate development companies, in meeting housing needs, with the aim of increasing the proportion of Saudi families owning houses.