“Damanat” Contributes to Strengthening the Saudi Housing Sector during Cityscape Global Participation

The Saudi Housing Guarantee Services Company “Damanat” participated in the “Cityscape Global” real estate exhibition, held at the Riyadh Exhibition and Convention Center in Malham from November 11 to 14, 2024. The company’s booth witnessed significant attendance from visitors and those interested in housing finance, keen to learn about the latest innovative financing solutions that support homeownership in Saudi Arabia. Damanat was honored by the visit of His Excellency the Minister of Municipal and Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Hogail, which confirms the continuous support efforts to achieve the goals of the Housing Program within the Kingdom’s Vision 2030.

Damanat, wholly owned by the Real Estate Development Fund with a capital of SAR 18.6 billion, aims to enable Saudi citizens to achieve their dream of homeownership by providing real estate guarantees and innovative financing solutions to financial institutions, thereby facilitating their access and expanding the beneficiary segment. The focus is on supporting first-time homeownership and stimulating the development of housing projects on the map for real estate developers.

Mr. Hossam bin Youssef Radwan participated in a panel discussion during the exhibition, highlighting the role of Damanat in supporting the housing goals of Vision 2030, primarily increasing the homeownership rate to 70% by 2030. Radwan also showcased the company’s main products and services and emphasized the importance of strategic partnerships that Damanat has established with leading global institutions such as BlackRock, King Street, Apollo, and the Saudi Real Estate Refinance Company, which contribute to driving innovation, attracting foreign investments, and ensuring the sustainability of the housing market in the Kingdom.

Damanat confirms through this successful participation its commitment to supporting the development of the housing sector in the Kingdom and providing innovative and sustainable guarantee products that contribute to achieving well-being for all citizens.