First Abu Dhabi provides housing financing services in Saudi Arabia

Last updated: Wednesday 11 Jumada Al-Thani 1441 A.H – February 05, 2020 KSA 19:44 – GMT 16:44
Posted on: Wednesday 11 Jumada Al-Thani 1441 A.H – February 05, 2020 KSA 18:51 – GMT 15:51

Source: Riyadh – SPA

According to the agreement, the bank provides financing solutions to the beneficiaries of the “Sakani” program from the Ministry of Housing and the Real Estate Development Fund.

The agreement was signed by the Real Estate Fund General Supervisor Mansour Bin Madi, while it was signed by First Abu Dhabi Bank, CEO of the bank’s branch in the Kingdom, Laith Al-Shaiban.

The General Supervisor of the Real Estate Development Fund, Mansour Bin Madi, stated that in the framework of the partnership between the real estate fund and the financing bodies from banks and approved financing institutions, this agreement comes with Abu Dhabi Bank, with the aim of providing financing services within the supported real estate loan program, based on the Fund’s keenness to diversify The financing and housing options are from the licensed entities in the Kingdom, welcome to the cooperation that brings together the “Real Estate Fund” with First Abu Dhabi Bank.

Bin Madhi emphasized that the partnership model with the financing agencies resulted in more than 230,000 beneficiaries benefiting from the “subsidized loan” until the end of last January, explaining that the subsidized real estate loan program includes many financing and housing solutions, including buying a ready housing unit from the market, buying A housing unit under construction, in addition to self-construction, mortgage of the property and conversion of the existing loan to subsidized.

For his part, CEO of First Abu Dhabi Bank, Laith Al-Shaiban, said that the bank is keen to have an active role during this stage in which the housing and finance sector in the Kingdom is witnessing a historic shift and great mobility, indicating that the signing of this agreement aimed at facilitating access to housing Citizens are part of his contributions and development role, in order to seek to achieve the Kingdom’s 2030 vision.

Al-Shaiban stressed that the Saudi real estate finance market is a promising market, as it made a qualitative leap in providing financing solutions to Saudi citizens, due to the regulations and legislations enacted by the Saudi Arabian Monetary Agency, indicating that this encouraged Abu Dhabi Bank to launch the subsidized mortgage program, which is one of the programs The incentive for families to own housing, valuing the role of the Real Estate Development Fund in facilitating subsidized loan procedures and the multiplicity of financing options from banks and financing institutions in the Saudi market, noting that under this agreement, Abu Dhabi Bank in the Kingdom receives requests for subsidized housing finance.

And that the First Abu Dhabi Bank had launched its banking operations in the Kingdom of Saudi Arabia in May 2019 with the opening of its branch in Riyadh, to subsequently enhance its presence in the Kingdom in the same year by opening two additional branches in both Khobar and Jeddah.

It is noteworthy that the subsidized real estate loan program launched by the Real Estate Development Fund is a financing of up to 500,000 riyals, backed by profits of up to 100% for those whose salaries are less than 14,000 riyals, for beneficiaries registered on the “residential” listings of the Ministry of Housing and the Real Estate Development Fund, as well as The “subsidized loan” program has invented a number of initiatives that contributed to the citizen’s possession of his first home, such as the Military Support Service initiative, the Civilian Support Initiative, the Residential Renovation Initiative, and the Real Estate Adviser service.