New Guarantee Product Launched To Boost Saudi Real Estate Supply

The Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, has introduced the first product from "Damanat" Company. This product offers financing for real estate developers working on off-plan projects (OPDG) and is licensed by the Insurance Authority under identification number F-DMNT-1-C-24-00.

The launch event saw attendance from notable figures including Mansour bin Saeed bin Madi, Chairman of the Board of Directors of the Saudi Mortgage Guarantees Services Company (Damanat), Engineer Naji Al-Faisal Al-Tamimi, CEO of the Insurance Authority, and Hossam bin Yusuf Radwan, CEO of Damanat. This initiative aims to boost homeownership among first-time buyers by motivating real estate developers to increase housing unit supply.

This new product also seeks to expedite the goals of the Housing Program, which is a part of Vision 2030. The CEO of Damanat highlighted that the company is dedicated to offering innovative solutions and suitable products that stimulate financing entities and enhance partnerships. This effort is intended to provide necessary facilities, guarantee risk reduction, and broaden support for housing activities across various cities and segments.

Moreover, the CEO stressed that Damanat aims to create a safer investment environment for investors in off-plan projects. The company leverages its experience and expertise as a pioneer in real estate finance guarantees within Saudi Arabia. This step reaffirms Damanat's ongoing efforts to activate its strategic plans and achieve its objectives of developing innovative products to stimulate the real estate finance sector in the Kingdom.

Damanat aspires to be a supportive element in Saudi Arabia's housing system by providing affordable opportunities for homeownership and enhancing financial inclusion. The Saudi Mortgage Guarantees Services Company (Damanat) aims to facilitate beneficiaries' journeys by offering innovative solutions and easy procedures. These efforts contribute to the sustainable development of the real estate finance sector.

The company's focus on providing innovative solutions is designed to stimulate financing entities while enhancing partnerships. This approach ensures necessary facilities are available, risks are minimized, and support for housing activities is expanded across different regions and demographics.

This initiative confirms Damanat's commitment to activating its strategic plans and achieving its goals. By developing innovative products, Damanat aims to stimulate the real estate finance sector within Saudi Arabia effectively.

In summary, this new product from "Damanat" Company represents a significant step towards facilitating homeownership for first-time buyers. It encourages real estate developers to increase housing unit supply while supporting Vision 2030's Housing Program goals.

With inputs from SPA