Saudi Arabia’s Real Estate Development Fund (REDF), the National Housing Company (NHC), and the Saudi National Bank (SNB) have signed a tripartite agreement aimed at enhancing homeownership opportunities and supporting the stability of the real estate market.

Minister of Municipalities and Housing Majed Al-Hogail attended the signing ceremony, hosted at the REDF headquarters in Riyadh, said a Saudi Press Agency report.

The agreement is set to empower beneficiaries to own homes in more than 24 residential projects distributed across various regions of the kingdom, offering over 40,000 diverse housing units through a competitive financing offer with profit margins as low as 2.99 per cent.

REDF CEO Loaye Al-Nahedh, NHC CEO Mohammad Albuty, and SNB CEO Tareq Al-Sadhan signed the agreement.

The REDF emphasised that this collaboration marks a new phase in its partnerships with the real estate development and banking sectors.

The integration among the three entities will accelerate homeownership rates through innovative financing solutions, contributing to a more stable real estate market and expanding homeownership options, the fund added.