Saudi real estate fund launches financing program

RIYADH: Saudi Arabia’s Real Estate Development Fund launched a program on Sunday to help real estate developers to obtain funding from different financial institutions.
The Tatweer program aims to support real estate developers to increase the supply of housing units to meet the market demand and contribute to achieving the target of Saudi Vision 2030 that seeks to increase Saudi homeownership by 70 percent by the end of this decade.
Mansour bin Madi, the CEO of the fund, said the signing of the first framework agreement with Riyad Bank marked the official launch of the program. Agreements with other financial institutions are also in the pipeline, he added.