REDF sets investment department, says Al Amoudi

Saudi Arabia’s Real Estate Development Fund (REDF) has set an investment department as part of a new strategy for its investments, Al-Eqtisadiah newspaper reported, citing Khalid Mohammed Al Amoudi, general director of REDF.

The new strategy includes real estate investments, buying loan portfolios and establishing real estate funds in order to generate sustainable returns, he said.

The transformation of REDF into a financial institution will contribute to increasing financing citizens’ loans and to serve some 500,000 beneficiaries on the waiting list in a short period or time, as well as future generations, he said.

Financing institutions till provide loans worth from SAR 26 billion to SAR 28 billion to 40,000 of the fund’s beneficiaries, Al Amoudi added.