The Real Estate Development Fund is currently finalizing a bylaw for granting investment loans incorporating opinions expressed in a meeting of the fund’s board of directors, informed sources said.

“The draft law has been prepared and will be presented at the board meeting to be held within a few weeks,” sabq.org reported quoting one source.

The board meeting had discussed the law during the last meeting, which was held under the new Housing Minister Essam bin Saad bin Saeed.

“The bylaw is likely to be endorsed in the coming board meeting,” the electronic newspaper said quoting the source.

The minister has already announced plans to transform the fund into an independent financial organization to help the fund greater successes.

He said the fund has to find solutions to reduce the number of waitlisted loan applicants by strengthening cooperation with real estate developers and financial institutions.

The Shoura Council on Monday discussed the Kingdom’s housing strategy and prospects of transforming the fund into a bank. It also stressed the need for a secondary market to ensure liquidity and making use of small and medium enterprises to provide housing.

The fund, meanwhile, conducted a workshop under the chairmanship of Yousuf Al-Zoghaibi, acting director general of the organization and in the presence of a number of real estate developers and financers. The participants highlighted the fund’s efforts to help citizens receive suitable homes. “This workshop is aimed at collecting ideas and proposals to realize Custodian of the Two Holy Mosques King Salman’s vision of providing citizens with suitable housing,” said Al-Zoghaibi.