REDF on course to achieve Vision 2030 housing targets

REDF on course to achieve Vision 2030 housing targets

The Real Estate Development Fund (REDF), which aims to meet the needs and aspirations of the Kingdom's citizens by providing financing programs for the development of high-quality housing, has successfully cleared out the entire backlog of 500,000 citizens on its waiting list to acquire their mortgage support from 2017 till 2020, and has achieved the Vision 2030 goal of 60 percent home ownership rate among Saudi beneficiaries by the end of 2020. The last couple of years were fundamental for the REDF to reinstate its new transformation system and showcase its achievements since the fund first announced the new system in 2017. Before 2017, the REDF had many accumulated challenges to overcome. More than 500,000 citizens were on the waiting list to acquire their mortgage support with an average waiting period of 12 to 15 years to claim the loan. The REDF had the capability to support only 20,000 citizens per year, which made it impossible to achieve the Vision 2030 goal of enabling 60 percent of Saudis to own their homes by 2020 and 70 percent by 2030. Mansour bin Madi, CEO of the REDF, with his team of experts, had to find new innovative ways to accommodate this