Today, the Real Estate Development Fund signed a framework agreement with the Bidaya Home Finance Company as part of the program for financing real estate institutions and companies. Continuing the efforts to improve the affordability of housing costs, to achieve the goals of the housing Program - one of the Kingdom's 2030 Vision programs - to raise The percentage of home ownership will reach 70% by 2030.

The agreement was signed by Mansour bin Madi, CEO of the Fund, and by the Bidaya Company, CEO-designate Eng. Faisal bin Abdul Rahman Al Nasser, This is the first agreement signed by the Fund with real estate finance companies to provide short and medium-term financial facilities, facilitating the journey of beneficiaries owning a suitable home.

The Real Estate Fund CEO, Mansour bin Madi, explained that the agreement enhances the pioneering role of the Real Estate Fund in stimulating the real estate financing market in terms of diversifying financing and housing options that suit the desires of the beneficiaries, and contribute to improving their financial ability to afford housing costs, Pointing out that the Fund will continue to establish effective partnerships with approved real estate finance institutions and companies during the coming period to raise the contribution of these companies in the real estate finance market, and increase its shares in the residential real estate financing market, which in turn stimulates the mortgage market, supports the provision of financing options to beneficiaries, and creates innovative financing and housing opportunities.

Bin Madi pointed out that the program for financing real estate finance companies will strengthen the role of real estate financiers in enabling beneficiaries to obtain financing and housing solutions innovatively and qualitatively, Pointing out that the program supports and complements housing support programs that include more solutions and options and represents a tributary for expanding partnerships between the financing and real estate sectors, Which will increase the volume of the real estate supply and be in line with the available options, in addition to providing financing solutions of high quality commensurate with the actual need of "sakani" beneficiaries to own a suitable home.

For his part, the Acting CEO of Bidaya, Eng. Faisal bin Abdul Rahman Al-Nasser expressed his pride that Bidaya took the lead in signing such agreements, which would bring about a quantum leap in diversifying the financing portfolio at Bidaya to serve various segments of customers and beneficiaries. Bidaya signed the agreement in the presence of the Vice Chairman of the Board of Directors, Dr. Bassam Boodai, the member of the Board of Directors, Mr. Ihab bin Muhammad Al-Dabbagh, and executive management members.

It is noteworthy that the Real Estate Development Fund recently announced the launch of the real estate finance companies financing program, which is considered one of the programs that support the creation of financing and housing opportunities for "sakani" beneficiaries and the diversification of options and creating great competition in providing and diversifying financing and housing options by real estate finance companies and strengthening companies with real estate developers to meet housing needs with the aim of raising the proportion of Saudi families owning housing to 70% by the end of 2030.