RIYADH/JEDDAH: The Real Estate Development Fund (REDF) has approved 25,000 loans to help finance construction of 3,000 residential units in cities and provinces in the Kingdom in accordance with its priority list of loan applications. In a statement to the Saudi Press Agency (SPA), Hasan Al-Attas, REDF's Acting Director General, said the value of the loans amounts to SR7.5 billion, representing the second tranche of the generous support ordered by King Abdullah. “Our wise leadership is keen to support the process of construction and development,” he said. He also praised the work of Dr. Ibrahim Abdul Aziz Al-Assaf, Minister of Finance, who is also the Chairman of the Fund's Management Committee Meanwhile, banking sources expect real estate financing for individuals to amount to SR8 billion by the end of 2011, and SR48 billion by 2013. Al-Jazeera Bank introduced a number of financing programs last year, representing about 20 percent of the real estate financing sector in the Kingdom.
