The Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, has launched the first product of “Damanat” Company, which provides financing for real estate developers for off-plan projects (OPDG) and is licensed by the Insurance Authority under the identification number F-DMNT-1-C-24-00. The launch event was attended by the Chairman of the Board of Directors of the Saudi Mortgage Guarantees Services Company (Damanat), Mansour bin Saeed bin Madi, Chief Executive Officer (CEO) of the Insurance Authority, Engineer Naji Al-Faisal Al-Tamimi, and CEO of Damanat Hossam bin Yusuf Radwan.
This new product aims to facilitate homeownership for first-time buyers by encouraging real estate developers to increase the supply of housing units. It also aims to accelerate achieving the Housing Program’s goals, which are part of Vision 2030.
The CEO of Damanat stated that the company is focused on providing innovative solutions and suitable products that stimulate financing entities and enhance part
nerships. This is intended to provide necessary facilities, guarantee risk reduction, and expand support for housing and its activities across different cities and segments.
Furthermore, the CEO emphasized that Damanat aims to create a safer investment environment for investors in off-plan projects, leveraging its experience and expertise as a pioneer in real estate finance guarantees in the Kingdom of Saudi Arabia.
This step confirms the company’s continued efforts to activate its strategic plans and achieve its goals of developing innovative products to stimulate the real estate finance sector in the Kingdom. Damanat aspires to be a supportive element in the Kingdom’s housing system, providing affordable opportunities to own homes and enhancing financial inclusion.
The Saudi Mortgage Guarantees Services Company (Damanat) seeks to facilitate the beneficiaries’ journey by providing innovative solutions and easy procedures to contribute to the sustainable development of the real estate finance sector.
Source: Saudi Press Agency