Riyadh: A memorandum of understanding (MoU) was signed to establish a strategic partnership framework between the Real Estate Development Fund (REDF), the Saudi Mortgage Guarantees Services Company (Damanat), the National Housing Company (NHC), and the Industrial and Commercial Bank of China Limited (ICBC) Riyadh branch.
According to Saudi Press Agency, the MoU was signed under the patronage of Minister of Municipalities and Housing and REDF Board of Directors Chairman Majed Al-Hogail. The agreement aims to develop innovative financing and guarantee mechanisms that enable the real estate development sector to engage in EPC+F contracting with major Chinese contractors. It also explores joint opportunities to design and introduce new financing products and programs to enhance the sector's capacity to implement housing projects efficiently.
Through this collaboration, the parties aim to expand housing supply and stimulate both supply and demand. They plan to develop financing and guarantee tools that strengthen the real estate development sector. The initiative also seeks to facilitate citizens' access to affordable financing options and promote the sustainability of real estate financing, supporting market efficiency and advancing national efforts to enable Saudi families to obtain suitable housing.