REDF law to enhance fund’s role in urban development, says minister

Majed Al-Hogail, Minister of Housing and Chairman of Real Estate Development Fund

Saudi Cabinet’s approval of the new Real Estate Development Fund (REDF) law helps enhance its role in the urban development projects, in line with the requirements of the new era, Saudi Press Agency reported, citing Housing Minister Majed Al-Hogail.

“The new law is a qualitative transition towards bolstering partnerships with public as well as private financiers and other real estate development firms,” Al-Hogail said, adding that this will further help the introduction of inclusive as well as diversified financing solutions that will cater to all society categories.

The new law will stand as a fundamental pillar for development and housing support in the Kingdom, he noted.

The new law, which will comprise 18 articles, will boost the REDF’s independency and flexibility, help Saudi nationals own homes, and will contribute to the construction of the housing developments in partnership with other state-owned entities, the minister indicated.

Saudi Arabia’s Cabinet approved on Tuesday, Jan. 5, 2020, the REDF law, Argaam reported.