Tuesday 26 September 2023

Saudi REDF inks $4.35bn deals for Saudi housing programme

RIYADH, June 5, 2023

Saudi Arabia's Real Estate Development Fund (REDF) has announced the signing of SR13.7 billion ($3.64 billion) finance agreements, to help 21,000 citizens get housing benefits. 
Additionally, REDF deposited more than SR2.7 billion ($719 million) in the account of beneficiaries of Sakani, a real estate initiative of the Saudi Ministry of Housing, during the first quarter of 2023.
Moreover, the real estate advisor service of REDF recorded about 53,000 new beneficiaries during the last quarter and issued more than 36,000 financing and housing recommendations, stated the kingdom's National Development Fund (NDF) in its quarterly report. 
NDF and its supervised development funds and banks concluded the first quarter with numerous achievements, agreements and new development initiatives, thus focusing on achieving economic, social, and cultural objectives of Saudi Vision 2030 and maximizing the developmental impact on the Saudi economy.These achievements included signing cooperation agreements and financing beneficiaries from various economic sectors and segments of society with over SR30 billion approved financing and support in the last quarter.
According to the report, the Saudi Industrial Development Fund (SIDF) had approved over SR875 million in financing for 24 businesses. 
Also the Tourism Development Fund (TDF) approved over SR260 million in financing for 11 businesses in the tourism sector and served 57 beneficiaries through its pre-financing counseling and logistical support programmes. 
During the first three months of 2023, TDF had signed MoUs with various local and international companies including one with Ezdihar Real Estate Development Company to establish the Jeddah Cove project and the other with Ashraq Development Company to develop a tourist resort on the Half Moon Bay in the eastern region operated by leading hotel and hospitality company Accor.-TradeArabia News Service


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