In a major move to address the housing shortages, the Ministry of Housing has teamed up with Banque Saudi Fransi (BSF) to sign an agreement between the state-owned Real Estate Development Fund (REDF) and the BSF for housing finance.
The agreement stipulates that 1.2 million eligible Saudi citizens will benefit from the housing finance.
The deal was disclosed by Patrice Couvegnes, BSF managing director, following the visit of Housing Minister Majed bin Abdullah Al-Hogail to the bank on Thursday during which the two sides discussed the cooperation modules in the housing sector.
Al-Hogail and his delegation were hosted by BSF officials led by the bank’s board chairman Sulaiman Abdulrahman Al-Guwaiz.
The minister, REDF executives and the bank’s managers “discussed ways to boost and enhance their cooperation in the real estate field, as well as, its financing in general,” according to a statement.
In addition, the team discussed the provision of financing appropriate products with its respective programs, and products launched by the REDF in partnership with BSF.
Managing Director Couvegnes said: “The visit demonstrates the ministry’s scope of interest and trust with a positive communication method with the private sector in order to achieve the Vision 2030 toward the delivery of solutions that facilitate appropriate housing facilities for citizens.”
He added: “It also showcases the bank’s keenness to achieve those initiatives and aspirations by providing the best services and products to the clients.”
The agreement stipulates the bank to participate in the subsidized housing loan programs provided by the REDF.
“The agreement will allow BSF to contribute to the housing finance provided to 1.2 million eligible citizens,” according to a statement.