Damanat Forms Strategic Alliances To Strengthen Saudi Mortgage Market

The Saudi Mortgage Guarantees Company (Damanat) has entered into global strategic partnerships to enhance the Saudi real estate mortgage market. Damanat CEO Hossam Y. Radwan stated that the company met its objectives during a visit to the US, where it was part of an official delegation led by Minister of Municipalities and Housing Majed bin Abdullah Al-Hogail.

During this visit, Damanat signed cooperation agreements with prominent American companies such as BlackRock and Apollo, along with other global financial institutions. Radwan highlighted that these partnerships are designed to attract foreign investment, diversify investment opportunities, and support the Kingdom's ambitious housing sector goals.

Radwan emphasised that these agreements result from Damanat's ongoing efforts to expand mortgage guarantee services and create new investment opportunities for both local and international investors. This aligns with the Saudi Vision 2030 objective of achieving financial, economic, and social sustainability.

"These partnerships reaffirm Damanat's commitment to supporting growth in the Saudi real estate mortgage market and the company's focus on attracting foreign investment and deepening capital markets related to real estate financing," Radwan said. "Damanat plays a vital role in shaping the future of the Saudi real estate financing sector," he added.

Majed bin Abdullah Al-Hogail, who also chairs the Real Estate Development Fund, recently initiated off-plan sales (OPDG) projects. These projects mark the first steps toward establishing the Kingdom's first mortgage market.

Innovative Solutions for Beneficiaries

Damanat aims to facilitate beneficiaries' journeys through innovative solutions and streamlined procedures. This approach contributes significantly to sustainable development within the real estate financing sector.

The company's efforts align with broader national goals, ensuring that both local and international investors can benefit from new opportunities in Saudi Arabia's evolving housing market.

The strategic partnerships formed during this visit underscore Damanat's dedication to fostering growth in the real estate sector while supporting the Kingdom's long-term vision for economic diversification and sustainability.

With inputs from SPA