REDF business model does not meet home ownership needs of Saudi households: CEO

Mansour Bin Madi CEO of Real Estate Development Fund

The Real Estate Development Fund (REDF) will launch new programs and enablers for citizens’ home ownership, Chief Executive Officer (CEO) Mansour Bin Madi said.

The fund’s old business model does not meet the demand of Saudi households for home ownership. Many challenges were faced, such as the long waiting lists that last over 15 years in certain cases, Bin Madi noted, adding that REDF needs almost 40 years to address these obstacles. Financing authorities rarely offered mortgage loans in today’s form, as average loans stood at SAR 20,000 maximum.

The top official added that Vision 2030 is a turning point in the fund’s life in terms of strategic restructuring and objectives, as well as its model change to speed up house ownership by citizens.

In a panel session at the Real Estate Future Forum today, Feb. 23, Bin Madi added that REDF is also developing digital platforms and services in line with global standards.

REDF is a strategic partner of the housing and financing authorities. This partnership facilitated 48 million electronic processes for home ownership, he concluded.