Saudi REDF announces $4.35bn finance deal

Momentous Q1 sees 53,000 new beneficiaries and 36,000 housing recommendations

Saudi Arabia’s Real Estate Development Fund (REDF) has announced the signing of a US $3.64bn finance agreement, to help 21,000 citizens get housing benefits. In addition, the REDF deposited more than $719mn in the account of beneficiaries of Sakani, a real estate initiative of the Saudi Ministry of Housing, during the first quarter of 2023.

The real estate advisory service of REDF recorded about 53,000 new beneficiaries during the last quarter and issued more than 36,000 financing and housing recommendations, according to the kingdom’s National Development Fund (NDF) in its quarterly report.

NDF and its supervised development funds and banks concluded the first quarter with various agreements and new development initiatives, all focusing on achieving the economic, social, and cultural objectives of Saudi Vision 2030 and maximising the developmental impact on the Saudi economy. These achievements included signing cooperation agreements and financing beneficiaries from various economic sectors and segments of society, with over $7.99bn approved financing and support in the last quarter.

According to the report, the Saudi Industrial Development Fund (SIDF) had approved over $233mn in financing for 24 businesses. Also, the Tourism Development Fund (TDF) approved over $69.3mn in financing for 11 businesses in the tourism sector and served 57 beneficiaries through its pre-financing counselling and logistical support programmes.

During the first three months of 2023, TDF had signed MoUs with various local and international companies, including one with Ezdihar Real Estate Development Company – to establish the Jeddah Cove project – and the other with Ashraq Development Company to develop a tourist resort on the Half Moon Bay in the eastern region, operated by leading hotel and hospitality company Accor.

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