Dubai, United Arab Emirates: The Board of Directors of the Real Estate Development Fund, headed by His Excellency Mr. Majid bin Abdullah Al-Hogail, the Minister of Municipal Rural Affairs and Housing, has approved the appointment of Mr. Mansour bin Saeed bin Madi as the CEO of the Real Estate Development Fund. Mr. Bin Madi expressed his gratitude and appreciation to his Excellency the Minister of Municipal Rural Affairs and Housing, the Chairman of the Fund’s Board of Directors, and members of the Board for their confidence, emphasizing that the next stage requires further efforts and dedication to achieve the aspirations of the Saudi leadership coinciding with the approval of the new bylaw for REDF that granted the Real Estate Development Fund greater authority focusing on expanding partnerships with the public and private sectors to facilitate Saudi citizens’ the proper house ownership.
Mr. Bin Madi mentioned that the Kingdom’s real estate finance sector is currently witnessing a progressive development since the launch of Vision 2030, and our objective in the upcoming phase is continuing the urban development, and facilitating the customer journey of “the subsidized loan” for all the beneficiaries, in accordance with the fund’s new strategy; in addition to enhancing the technical infrastructure and performance to achieve the aspirations of the Kingdom’s leadership.
Mr. Mansour bin Madi possess more than 30 years of leadership and practical experience in the financial sector, during which he worked on strategizing , planning and launching various financial and funding products and solutions as well as leading major digital projects on both local and international levels.
He has held many positions, the last of which was his assignment as the GM of the Real Estate Development Fund. During his period Mr. bin Madi has led the Real Estate Development Fund to significant achievements that contributed to realizing the goals of the Saudi housing program, where by the Real estate development fund found new innovative methods to accommodate a 15 years long waiting list in just 3 years to achieve the 2020 (60%) Saudi housing target, through a new loaning program “the subsidized loan”, growing significantly from 47% in 2017. More than 487,000 Saudi families benefited from the financing and housing programs provided by the "subsidized loan" in various regions of the Kingdom until the end of the first quarter of 2021. The continuous achievements go along with evolving the efficiency of e-services, developing the platform and application of The “Real Estate Advisor”, and expanding with the establishment of more strategic partnerships with strategic finance partners such as banks and real estate financing institutions.
© Press Release 2021