Saudi Vision 2030 provided roadmap for Real Estate Development Fund (REDF) to address housing woes

Saudi Vision 2030 provided roadmap for Real Estate Development Fund (REDF) to address housing woes

RIYADH — Saudi Arabia's Vision 2030 provided a roadmap for the Real Estate Development Fund (REDF) to address the most complicated challenges in the development process of the fund for over 40 years, said General Supervisor of the REDF Mansour Bin Madi.

He said that among the challenges that faced the fund prior to the announcement of the vision were long waiting lists.

“There were more than 480,000 beneficiaries whose waiting period ranged between 12 to 15 years to receive the housing subsidy, not to mention the rights of future generation to housing,” praising the role of the vision in resetting the strategy and goals of the fund.

In this regard, the fund launched the real estate loan program with a subsidy of up to 100 percent and housing and finance options in a transitional phase characterized by ease in partnership with the housing system and the private sector, which contributed to the change in its work model and the announcement of the zero waiting list early in 2020.

Bin Madi also noted that