Incorporation:
The Real estate Development Fund was incorporated under the Royal Decree No. (M / 23) dated 11/06/1394 A.H., corresponding to 01/07/1974 AD. Engaged in activity one year after incorporation, in1395 AH. The purpose for its incorporation was to contribute in the establishment of the modern housing and residential complexes in different areas in the Kingdom.
The headquarter of REDF is located in the city of Riyadh and it has 40 branches and offices Kingdom wide. In addition, its services approaches more than 4279 cities, governorates and districts.
REDF started with a capital of 250 million riyals and then such capital amount is multiplied several times to become the capital of REDF until the end of the fiscal year 1432 / 1433H to be about (183) billion riyals and subsequently become one of the largest mortgage institutions in the world based on that our wise government desirous to make REDF achieve the greatest aspirations of the citizens to provide them with the adequate and comfortable housing units.
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Key Turning Points in the services provided by REDF:
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The issuance of a Ministerial resolution No. 361 dated 17/11/1431 AH on cancelling land ownership as a perquisite for the application to REDF loans as well as standardizing the amount of the loan provided for the citizens throughout the Kingdom.
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The issuance of Royal order No. 64/A dated 13/04/1432 AH on increasing the ceil of the housing loan of the Real Estate Development Fund from (SAR 300,000) three hundred thousand riyals to (SAR 500,000) five hundred thousand riyals as of the date of the munificent order.
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The issuance of Royal order No. 18/A dated 20/4/1432 AH was issued on establishment of Ministry of Housing and forming a Board of Directors of REDF presided by the Minister of Housing.
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The issuance of Ministerial resolution No. (177) dated 2/6/1433 AH on forming the Board of the Directors of REDF.
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The issuance of Ministerial resolution No. (82) Dated 5/3/1435 AH on the approval to the regulations of the housing funds in the form attached thereto, whereby the REDF stopped receiving a new loan applications. In addition, the applicants whom not subject to land ownership perquisite transferred from Moyasar portal to ISKAN portal and selection of which subject to the conditions of eligibility and priority, where the applicant's subjects to land ownership perquisite remained under management of REDF with total number of five hundred thousand and three (503K) citizens at that time.
Housing projects:
The issuance of Ministerial resolution No. (130) dated 28/7/ 1409 AH corresponding to (6/3/1989 AD) assigning REDF to distribute the units of housing projects carried out by the Ministry of Public Works and Housing (formerly) on the citizens desires to receive housing units instead of cash loans. These projects were executed in cities of Riyadh, Dammam, Al Khobar, Al Hasa, Al Qatif, Jeddah, Makah, Medina and Buraidah whereas REDF took over the responsibility of distributing housing units handed over to it, after delivering all necessary utilities and currently supervise the same .
REDF's Scope of Services:
In comparison with similar institutions, REDF is distinguished by comprehensive activities and coverage to all regions of the Kingdom as its loans are not limited to a region unlike others. All cities, governorates and districts have received a large share of REDF loans, accordingly, ideal districts becomes familiar to the visitor to any area of our ideal country. This entire progress is the result of the wise directions that took into account the necessities of citizens wherever, the number of cities, urban and rural areas benefiting from the services of REDF reached (4279) city, urban and rural areas. This figure is actually sufficient to indicate the great role played by REDF in the field of real estate development within the boundaries of the Kingdom.