The Minister of Municipal, Rural Affairs and Housing Launches a Financing Guarantee Product for Developers of Off-Plan Sale Projects to Stimulate Real Estate Supply

Today, His Excellency the Minister of Municipal, Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Hogail, launched the first products of Saudi Mortgage Guarantees Services Company “Damanat” for off-plan sales (OPDG) projects, licensed by the Insurance Authority (IA) with the identification number F-DMNT-1-C-24-00. This was attended by the Chairman of the Board of Directors of the Saudi Mortgage Guarantees Services Company “Damanat”, Mansour bin Saeed bin Madi, the CEO of the Insurance Authority, Engineer Naji Al-Faisal Al-Tamimi, and the CEO of Damanat, Hossam bin Yousef Radwan.

The product comes as one of the main enablers to facilitate the citizen's ownership of the first home, by motivating real estate developers to increase the supply of residential units through innovative methods and appropriate financing guarantees for various segments, which contributes to accelerating the achievement of the targets of the Housing Program - one of the programs of Vision 2030.

The CEO of "Damanat" emphasized that the Company seeks to provide innovative solutions and appropriate products that help stimulate financing entities and enhance partnerships to provide the necessary facilities and guarantee risk reduction to expand support for housing and its works, to include different cities and meet the needs of multiple segments.

He added: "We seek to provide a safer investment environment for investors in off-plan sales projects, as Damanat Company is a pioneer in the field of real estate financing guarantees in the Kingdom of Saudi Arabia, and has experience in this field."

This step confirms the continued efforts to activate the Company's strategic plans and achieve targets to develop innovative products, with the aim of stimulating the real estate finance sector in the Kingdom, making "Damanat" a supporting element in the housing ecosystem in the Kingdom, contributing to providing affordable opportunities for homeownership and enhancing financial inclusion.

It is worth noting that Damanat seeks to facilitate the journey of beneficiaries, by providing innovative solutions and facilitated procedures to contribute to the sustainable development of the real estate finance sector.