Alinma Bank and the Real Estate Development Fund (REDF) have signed a new partnership agreement through which the bank will provide financing and housing services to Sakani program beneficiaries directly through REDF branches across the kingdom.
The agreement was signed by REDF CEO, Mansour bin Madi, and Alinma Bank CEO, Abdullah Al-Khalifa.
This is the fifth agreement signed between REDF and various financing entities, and it represents a continuation of cooperative efforts that have accelerated home ownership and have put the kingdom on track to reach the Vision 2030 home ownership goal of 70% for Saudi families.
Speaking about the agreement, Alinma Bank CEO, Abdullah Al-Khalifa, said that the agreement affirmed the strategic partnership between REDF and Alinma Bank, with the aim of addressing housing needs of citizens. He further noted that the agreement would enhance the bank’s ability to support the subsidized mortgage program, as well as Sakani program participants from the Ministry of Municipal and Rural Affairs and the Housing and the Real Estate Development Fund, thanks to Alinma’s presence at REDF branches across the kingdom.
For his part, REDF CEO, Mansour bin Madi, explained that the agreement was part of ongoing efforts by REDF to establish strategic partnerships with financing entities, in order to provide increased financing and housing options, and to shorten the time required for Sakani beneficiaries to apply for and receive home financing approval. He further stressed that REDF remained fully committed to addressing the needs of its beneficiaries and streamling procedures through the digitization of the beneficiary experience and by ensuring that financing services are available from financing entities directly through REDF branches.
It is worth noting that the Real Estate Development Fund provides subsidized real estate financing services through more than 43 electronic services that are available around-the-clock at www.redf.gov.sa. REDF can also be contacted 24/7 through its Beneficiary Care Center (199088) as well as through its social media channels.