Attas, Acting Director General of the Real Estate Development Fund, has approved the first batch of new loans which includes 20,000 loans for the construction of 24,000 housing units at a cost of SR6 billion. The move is part of the rulings issued by King Abdullah Bin Abdul Aziz, Custodian of the Two Holy Mosques, which increased the capital of the Real Estate Development Fund by SR40 billion. Al-Attas said in a press statement that this first batch was the fund's “largest since its inception” and would go towards housing units in major cities, small towns and outlying regions. “This is a manifestation of the continuous support the Fund enjoys from the Custodian of the Two Holy Mosques, the Crown Prince and the Second Deputy Prime Minister, who back the path of construction and development, along with the continual monitoring of the Real Estate Fund Chairman Ibrahim Al-Assaf, “ Al-Attas said. “The public will see the effect of the support through the financing of the Fund to produce large numbers of homes, and further batches of loans will continue through its funding.” He added that anyone who is approved for a loan will “benefit from the housing unit purchase law through the guarantor law previously announced by the Minister of Finance”.
