Riyadh-Mubasher: Saudi Arabia’s Real Estate Development Fund (REDF) is set to convert into a financing institution, sources told Al-Jazirah newspaper.
The conversion delay is attributable to some requirements which the fund seeks to complete, including coordination with some government institutions and financing entities, the sources said.
They added that the fund’s staff acquired strong financing expertise due to the several programmes launched by REDF over the last period.
The conversion is aimed at solving the housing crisis which most Saudi cities suffer from, in addition to offering solutions to clients who are on the waiting list, the sources said.
