The Saudi Mortgage Guarantee Services Company
“Damanat”
Damanat
The Saudi Mortgage Guarantees Services Company “Damanat”
“Damanat” was launched in 2017 as an initiative by the Housing Program in the Kingdom of Saudi Arabia. Continuing its efforts in supporting the program’s objectives, Damanat has become an independent institutional entity that provides innovative products and solutions in mortgage guarantee services.
The core mission of Damanat is to empower Saudi citizens by providing tailored mortgage guarantees, designed specifically to expand the accessibility and inclusiveness of the mortgage market, thereby facilitating homeownership. Damanat operates within the housing ecosystem and aligns with the Kingdom’s objective of increasing homeownership by 2030. Additionally, it aims to support the real estate development sector by creating new housing projects and providing fair and comprehensive mortgage financing options for beneficiaries, thus bridging the gap between supply and demand in the housing real estate sector and contributing to societal stability.
Vision
Damanat as a strong and recognized institution, ensuring Saudi Housing Ecosystem financial strength, stability and trust by financial institution, investors, buyers and real estate market
Mission
To efficiently de-risk the housing financial system by designing and offering guarantees and insurance products, unlocking liquidity, strengthening financial market confidence, and fostering access to affordable lending while ensuring financial sustainability
Ambition
To enable all Saudi households to realize home ownership, de-risking the Housing Ecosystem financial system and supporting Real Estate Market while ensuring sustainability
Damanat’s Journey
Damanat was launched as an initiative under the Housing Program with a budget of SAR 18.6 billion, supervised by the Real Estate Development Fund.
Approval of the establishment of a company affiliated with the Real Estate Development Fund, with a capital of SAR 18.6 billion.
Establishment of a closed joint-stock company wholly owned by the Real Estate Development Fund.
Expansion in launching mortgage guarantee products aiming to empower individuals and developers.
Our strategic goals
Enabling Demand:
Facilitating access to mortgage financing through tailored guarantees designed to meet beneficiary needs.
Stimulating Supply:
Providing innovative and specialized products that meet real estate market demands, such as the “Tawwar” product and future products.
Enhancing the Secondary Market:
Contributing to stimulating investments in the secondary mortgage market to ensure financing sustainability and expand investment opportunities.
why Damanat ?
Damanat is one of the key enablers working in collaboration with the Housing Program and related entities to deliver innovative solutions to serve individuals aspiring to own their first home.
Its role as a key entity to support mortgage financing in the housing system.
Developing guarantee products to maintain balance between real estate supply and demand.
Enhancing access to mortgage financing for various customer segments.
Contributing to achieving financial sustainability for the housing ecosystem.
Acting as a guarantor in the secondary mortgage market.
Providing specialized insurance products that meet the needs of the mortgage financing markets.
