RIYADH: The Real Estate Development Fund (REDF) will hold its second annual “Saudi Housing Finance Conference” aiming at highlighting the latest developments in the Kingdom’s housing and housing finance sectors, in Riyadh on March 6, 2019.
“The conference comes in line with Saudi vision 2030, at a time when the housing market in the Kingdom has shown significant growth recently driven by the housing program initiatives implemented by the Real Estate Development Fund”, said Mr. Khalid Mohammed Al-Amoudi, General Supervisor and Chairman Deputy of the Board of REDF. In 2018, the growth rate of the mortgage market for residential units was 64% compared to the previous year. This growth rate reached 98% in the last quarter of 2018 compared to the first quarter of the same year. The market size is expected to double in 2019 driven by REDFs’ products & programs and contributing to 60% of home ownership by 2020 ownership in Saudi Arabia. This growth is expected to increase and hit a world record of 70% by 2030.
Al-Amoudi added:“ The housing market in Saudi Arabia is undergoing rapid transformation and growth. The need for local and international players to invest in property developments or to offer world-class home mortgage and financing products is critical as the market grows and evolves. To help sustain this growth in the housing market, REDF has undertaken several initiatives to encourage investment in the market.”
Al-Amoudi pointed out that REDF has offered a number of financing initiatives and innovative products that suit various citizens, like The Mortgage Loan Program, The Easy Mortgage and The Mortgage initiative for Military personnel, in addition to financing programs that suit all citizens from different age groups.
Al-Amoudi also underlined the following:“ We are interested in developing partnerships with the private sector and in attracting local, regional and international investment. This conference will bring together financial and investment experts to discuss a wide range of opportunities with real estate developers, investors and regulators. At the end of the day, increasing housing units in the Kingdom is our number one priority, and partnering with the finance and investment community is a key to help make this happen.”
Saudi Arabia has a long history of working with overseas investors across a range of sectors, creating a win-win situation for both parties. The home finance and property investment sector is no exception. Hans-Joachim (Achim) Dübel, Chief Executive Officer and Founder, Finpolconsult.de and keynote speaker at the conference said: “The housing market in Saudi Arabia is such an exciting place to be in right now. There is so much activity and change taking place. Capital is entering the housing market, regulations are being developed in almost real time, and the demand for new financing products is high. I look forward to sharing my insights at the conference and learning from my peers in the industry. If you are considering entering the Saudi market, or are already on the ground, the REDF conference will provide insights into this growing, dynamic market.”
For more information, to view the agenda, and to apply for your place, please visit the Euromoney Conferences website. Euromoney Conferences invites interested participants to join the debate and to voice their opinions on the conference themes on Twitter, using the hashtag #emREDF.
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About REDF
The Real Estate Development Fund (REDF) was established by Royal Decree on the 1st of July, 1974. It started its operations in 1975 with the purpose of achieving the greatest aspirations of citizens to own adequate and comfortable housing thereby contributing to the development of modern housing and residential complexes throughout the Kingdom. REDF’s headquarter is located in the city of Riyadh and has 40 branches spread across the kingdom. The fund started with an initial capital of SR 250 million which was increased several times reaching about SR 183 billion by the end of 2011, making it one of the largest mortgage institutions in the world.
Since its inception, the Real Estate Development Fund (REDF) has been the main source of affordable housing financing in Saudi Arabia. Over the past forty years, the REDF has served over one million families under a direct lending model.
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