REDF loans helped build million homes

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Updated 18 January 2013
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REDF loans helped build million homes

Some 38 years following its founding, the Real Estate Development Fund (REDF) has provided financial assistance for the construction of about a million home in the Kingdom.
“The REDF made 811,864 loans worth SR 263.78 billion to construct 974,237 housing units since its was established in 1975,” according to a statement released by the REDF yesterday.
The Riyadh-based fund with its 29 branches across the Kingdom primarily aims to build houses and residential complexes across the country.
The fund's initial capital of SR 250 million jumped to SR 183 billion in 2011, making it one of the largest financing agencies in the world that seeks to help citizens acquire high-quality homes, according to the statement as quoted by the Saudi Press Agency.
The REDF extends long-term, interest-free loans, with a repayment time of 25 years. It also offers interest-free loans to Saudi investors to construct multipurpose building complexes that include housing, office facilities and exhibition halls. The loans to investors were sufficient to cover 50 percent of the total cost of the construction with a ceiling of SR 10 million.
In its first five years, the REDF fulfilled its major objective by solving the housing crisis of the time caused by the Kingdom's extraordinary pace of development.
In 2011, a royal order was issued to lift the loan limit from SR 300,000 to SR 500,000 and simplify the formalities related to taking a loan. After that order, the waiting period for loans was done away with. An eligible loan applicant can receive the loan at the time of his choice without any time limit. The entire loan amount for a completed building could be paid in three months after the completion.
The REDF would also receive the required documents from a selected loan applicant by post as opposed to the previous requirement of the applicant showing up in-person.
In line with the government’s instructions, the REDF strives to disburse loans to people in all parts of the Kingdom and that is why people in 4,343 cities, towns and villages have received its assistance.
In March 1989, the Council of Ministers entrusted REDF with the task of distributing the finished housing units constructed by the then Ministry of Public Works and Housing in Riyadh, Dammam Alkhobar, Ahsa, Qatif, Jeddah, Makkah, Madinah and Buraidah. The fund completed the distribution of 56,120 housing units after equipping them with utilities in 2001. It is still supervising those units.
From 1975 to the end of the 1993, the REDF advanced 411,711 personal loans worth SR 107. 97 billion to build 489,404 housing units. The Fund has also advanced 2,470 investment loans with a total value of SR 5,15 billion, which contributed to the construction of 29,227 residential units, 2,857 offices and 5,125 trade exhibitions.
The total loans disbursed by the REDF until the end of 2006 amounted to SR 134.1 billion.


Saudi Arabia's KSRelief distributes assistance to Syrian refugees in Lebanon

KSRelief distributed assistance to Syrian refugees. (SPA/file)
Updated 21 April 2018
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Saudi Arabia's KSRelief distributes assistance to Syrian refugees in Lebanon

  • KSRelief seeks to ensure that the living conditions of Syrian refugees are in accordance with international specifications
  • The center also distributed 3,500 cartons of dates in the villages of Izzala Al-Jumah in Yemen

JEDDAH: The King Salman Humanitarian Aid and Relief Center (KSRelief) distributed humanitarian aid including birth kits, personal bags and baby blankets to Syrian female refugees staying in Osman Hospital and Central Hospital in Kattermaya, Kharoub province of Lebanon on Friday.

This distribution is within the framework of the assistance provided by the center for displaced Syrians and refugees in neighboring countries. 

KSRelief seeks to ensure that the living conditions of Syrian refugees are in accordance with international specifications through various relief programs. 

Earlier, winter blankets, jackets, jumpers, hats and other items were distributed to meet the basic needs of refugee families.

The center also distributed 3,500 cartons of dates in the villages of Izzala Al-Jumah in Al-Mukha directorate in Taiz governorate, benefiting 21,000 people.

In addition, 36 trucks with 469,483 kg of relief, shelter and medicines crossed Al-Wadiaa border on Thursday evening as part of the KSRelief plan to help Yemenis.

Of this total, 26 trucks with 500 food baskets, weighing 375 tons, in addition to 43,173 kg of shelter items, will be heading to Maareb province, and ten trucks carrying 42,221 kg of shelter items and 9.89 tons of medications will go to Aden.

On Thursday, the Bahraini Royal Charity Foundation and the Khalifa bin Zayed Foundation for Humanitarian Affairs signed an MoU for the establishment of the Bahrain Health Center in Aden, Yemen, at a cost of $2 million, in the presence of Ahmed bin Ali Al-Bayez, assistant general supervisor of operations and programs at KSRelief, and a number of officials. SPA, Jeddah