The Minister of “Municipality and Housing” approves the Board of Directors of the Saudi Housing Insurance Company

His Excellency the Minister of Municipal, Rural Affairs and Housing, Chairman of the Board of Directors of the Real Estate Development Fund, Mr. Majid bin Abdullah Al-Hogail, approved the Board of Directors of the Saudi Housing Guarantee Company “Damanat” as a closed joint stock company wholly owned by the Real Estate Development Fund, with a capital of 18 billion riyals and its headquarters in the city of Riyadh.

The board of directors of “Damanat” Company consists of Mansour Saeed bin Madi, Chairman of the Board of Directors, Jamal bin Ali Al-Kashi, Vice-Chairman of the Board of Directors, and the membership of Ahmed bin Sulaiman Al-Jasser, Engineer Nofal bin Saleh Al-Salama, Faisal bin Omar Al-Saqqaf, and Hashim bin Othman Al-Hogail. And Hani bin Madini Al-Madini. The board also approved the appointment of Hussam bin Youssef Radwan as CEO of the company.

The establishment of “Damanat” Company comes within the framework of the strategic plans of the Real Estate Development Fund to enhance financing and housing solutions, and work to develop the mortgage market in the Kingdom in partnership with financing parties from banks and financial institutions, and to contribute to the establishment of a secondary market for the mortgage sector within the framework of joint efforts to raise the efficiency of the market. In order to achieve the objectives of the housing program – one of the programs of the Kingdom’s Vision 2030.

Chairman of the Board of Directors of “Guarantee” and CEO of the Real Estate Development Fund, Mansour bin Madi, explained that the establishment of the Saudi Housing Guarantee Company aims to issue financing guarantees to facilitate citizens’ ownership of housing, and to support the real estate development sector to establish off-plan sales projects, pointing out that the regulatory and legislative environment for the sector Real estate financing in the Kingdom has contributed to the success of programs and initiatives, which had a significant impact on the establishment of the “ Guarantees” Company, which is considered a continuation and culmination of the success of the Real Estate Finance Guarantees Program, which was launched in 2018 and enabled more than 113,000 beneficiaries to own housing until the end of the first quarter of 2023.