Riyadh – The Saudi Mortgage Guarantees Company (Damanat) has forged significant global partnerships aimed at bolstering the Kingdom’s real estate mortgage market. The agreements were finalized during a recent visit to the United States, where Damanat was part of the official delegation led by Minister of Municipalities and Housing, Majed bin Abdullah Al-Hogail.
Hossam Y. Radwan, CEO of Damanat, announced that the company successfully met its objectives during the visit, which included signing cooperation agreements with prominent American firms such as BlackRock and Apollo, as well as other global financial institutions. These strategic partnerships are designed to attract foreign investment, diversify investment opportunities, and align with Saudi Arabia’s ambitious housing sector goals.
“These agreements are the culmination of Damanat’s ongoing efforts to expand mortgage guarantee services and create new investment avenues for both local and international investors,” said Radwan. He emphasized that these initiatives are in line with the Saudi Vision 2030, which seeks to achieve financial, economic, and social sustainability.
Radwan highlighted that these partnerships reaffirm Damanat’s commitment to driving growth in the Saudi real estate mortgage market. The company is focused on attracting foreign investment and deepening capital markets related to real estate financing, playing a vital role in shaping the future of the sector.
In addition to these developments, Minister Al-Hogail, who also chairs the Real Estate Development Fund, recently launched the off-plan sales (OPDG) projects. This marks the initial step towards establishing the Kingdom’s first comprehensive mortgage market.
Damanat is dedicated to facilitating the journey of beneficiaries through innovative solutions and streamlined procedures, thereby contributing to sustainable development within the real estate financing sector.
