Damanat signs global strategic partnerships to boost Saudi mortgage market

Riyadh: The Saudi Mortgage Guarantees Company (Damanat) has signed global strategic partnerships to bolster the Saudi real estate mortgage market.

Damanat CEO Hossam Y. Radwan said that the company achieved its targets during a visit to the US, when the company was part of the official delegation accompanying Minister of Municipalities and Housing Majed bin Abdullah Al-Hogail. He added that Damanat successfully signed cooperation agreements with leading American companies, such as BlackRock and Apollo, and global financial institutions during the visit.

Radwan stressed that these partnerships aim to attract foreign investment, diversify investment opportunities, and support the Kingdom’s ambitious goals in the housing sector.

These agreements, he said, are the result of Damanat’s continuous efforts to expand mortgage guarantee services, and create new investment opportunities for local and international investors, in line with the Saudi Vision 2030 objective of achieving financial, economic, and social sustainability.

“These partnerships reaffirm Damanat’s commitment to supporting growth in the Saudi real estate mortgage market and the company’s focus on attracting foreign investment and deepening capital markets related to real estate financing,” Radwan said.

“Damanat plays a vital role in shaping the future of the Saudi real estate financing sector,” he added.

Al-Hogail, who also chairs the Real Estate Development Fund, recently launched the off-plan sales (OPDG) projects, the first steps toward establishing the Kingdom’s first mortgage market.

Damanat aims to facilitate the journey of beneficiaries through innovative solutions and streamlined procedures, contributing to sustainable development in the real estate financing sector.