REDF enabled 85,000 beneficiaries to own homes in 2023: CEO

Mansour bin Madi, CEO of the Real Estate Development Fund (REDF)

Mansour bin Madi, CEO of the Real Estate Development Fund (REDF), stated that 85,000 beneficiaries were enabled to own housing units in Saudi Arabia in 2023.

Bin Madi, in an interview with Argaam at the Real Estate Future Forum, emphasized the ongoing housing support. The fund focuses on diverse financing programs and solutions, offering products like ready-to-move, self-build and under-construction housing units, he explained.

In 2023, REDF’s mortgage guarantee scheme catered to 16,000 beneficiaries. During the same year, the fund’s subsidized financing program served 112,000 beneficiaries, the top executive added.

He mentioned that over 6,500 beneficiaries used the financing solution with a 2.59% profit margin in Q4 2023. This solution aims to lower financing costs and boost purchasing power for under-construction and self-build housing products.