ANB Partners with “Damanat” to Enhance Housing Program and Broaden Real Estate Financing Options in Saudi Arabia Arabia

Riyadh, Kingdom of Saudi Arabia

Arab National Bank (anb) and the Saudi Housing Guarantee Services Company (Damanat) have signed a Memorandum of Understanding (MoU), which reflects their joint efforts to enhance the real estate financing and housing sectors in Saudi Arabia.

The agreement was signed by Mr. Louai Alzaher, Chief Wholesale Bank Officer at anb, and Mr. Osama AlOthman, CEO of Damanat, in the presence of senior executives from both parties.

This MoU is aimed at their collaborative efforts to fulfill the Housing Program goals laid out in Vision 2030. It provides an operational framework centered on a sustainable growth strategy to enhance real estate financing options for off-plan sales aimed at developers and individuals while supporting market stability. The initiative will be realized by creating and executing innovative solutions designed to speed up project implementation and boost the availability of residential units, contributing significantly to increasing homeownership rates among Saudi citizens in alignment with the aspirations of Vision 2030.

The MoU outlines plans for delivering technical and technological assistance to develop real estate financing guarantee products, enhancing their accessibility and management. It aims to facilitate access to diverse and appropriate real estate financing solutions tailored to a broad spectrum of beneficiaries with different financial capacities. Additionally, both parties are committed to promoting off-plan residential project sales and undertaking vital studies and evaluations to confirm the effectiveness and market relevance of the offerings.

On this occasion, Mr. Louai Alzaher emphasized that anb is committed to strengthening its partnerships with leading institutions to support economic development in the Kingdom, provide financing solutions that meet customer aspirations, and contribute to the realization of Vision 2030. This commitment stems from anb’s vital role in enabling citizens to own homes and increasing homeownership rates in accordance with the Vision 2030 objectives.

Mr. Osama AlOthman highlighted that this partnership marks a strategic move to deliver sustainable and innovative financing solutions in the housing sector, ultimately aiming to boost homeownership rates among citizens.

This agreement demonstrates both parties’ dedication to supporting Saudi Vision 2030, aiding the Housing Program’s goals, and ensuring a satisfactory standard of living for citizens.