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, it is headquartered in Riyadh.
The Board of Directors of “Damanat” consists of Mansour Saeed Bin Madi as Chairman of the Board of Directors. Jamal bin Ali Al-Kishi, Vice Chairman of the Board of Directors, The membership of Ahmed bin Suleiman Al-Jasser, Eng. Nawfal bin Saleh Al-Salameh, Faisal bin Omar Al-Saqqaf, Hashim bin Othman Al-Hogail, Hani bin Madini Al-Madini, The Board also approved the appointment of Hossam bin Yousef Radwan as the company’s CEO.
The establishment of “Damanat” comes within the framework of the strategic plans of the Real Estate Development Fund to enhance financing and housing solutions. Working to develop the mortgage market in the Kingdom in partnership with financing entities such as banks and financing institutions. Contributing to the establishment of a secondary market for the mortgage sector as part 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.
The Chairman of the Board of Directors of “Damanat” explained, Chief Executive Officer of the Real Estate Development Fund, Mansour Bin Madi, The establishment of the Saudi Housing Guarantee Company aims to issue financial guarantees to facilitate citizens’ ownership of housing. Supporting the real estate development sector to establish off-plan projects, He pointed out that the regulatory and legislative environment of the real estate finance sector in the Kingdom has contributed to the success of programs and initiatives. which had a great impact on the establishment of “Damanat” Company, which is considered a complement and culmination of the success of the Real Estate Finance Guarantee Program, It was launched in 2018 and enabled more than 113,000 beneficiaries to own housing until the end of the first quarter of 2023.