The Saudi Housing Guarantee Services Company “Damanat” and the Saudi Reinsurance Company (Re) signed a memorandum of understanding (MoU) aimed at strengthening cooperation between the two companies in the field of reinsurance for the real estate finance sector, in light of their ongoing efforts to support the National Housing Program and contribute to achieving its objectives.
The MoU focuses on developing innovative risk management solutions, which enhances the growth and stability of the real estate finance sector, in addition to developing the financial sector as a whole. The agreement also includes providing the necessary technical support to develop insurance products and reinsurance services, including building pricing models, underwriting mechanisms, and efficient claims management. This cooperation comes within the framework of the two companies’ efforts to enhance compatibility with the aspirations of international investors and build strong Saudi-international partnerships that support risk management in the real estate finance sector
During the signing of the agreement, Mr. Osama Al-Othman, CEO of “Damanat”, stressed the importance of this partnership, adding that it: “highlights the importance of cooperation between national companies to enhance the position of the insurance sector as a key factor in achieving financial stability for vital economic sectors, most notably the housing program, noting that the memorandum of understanding represents the beginning of a strategic partnership that supports the achievement of the Kingdom’s Vision 2030.”
For his part, Mr. Ahmed Al-Jabr, CEO of “Re”, expressed: “The signing of this memorandum establishes a constructive relationship that unifies efforts and paves the way towards achieving sustainability in the insurance and real estate finance sector, adding that the company looks forward to working with “Damanat” to develop innovative solutions that support the insurance and real estate finance sectors.”
This cooperation between “Damanat” and “Re” represents an important step towards enhancing cooperation between national companies and combining efforts to achieve the goals of the National Housing Program of the Kingdom’s Vision 2030, which aims to increase citizens’ home ownership, improve the quality of life, and achieve sustainable development.
