Saudi Arabia’s Real Estate Development Fund appoints Mansour bin Madi as CEO

Mansour bin Saeed bin Madi has been appointed as the CEO of Saudi Arabia’s Real Estate Development Fund.

The appointment was approved by the fund’s board of directors, headed by Majid bin Abdullah Al-Hogail, the Minister of Municipal Rural Affairs and Housing.

Mansour bin Madi possess more than 30 years of leadership and practical experience in the financial sector, during which he worked on strategising, planning and launching various financial and funding products and solutions as well as spearheading digital projects on both local and international levels, a statement said.

He has held many positions, the last of which was his assignment as the general manager of the Real Estate Development Fund.

During that period, Bin Madi has led the fund to successes that contributed to realising the goals of the Saudi housing programme. Meanwhile, the Real estate development fund innovatively accommodated a 15-year long waiting list in just three years to achieve the Saudi housing target for 2020 (60 per cent), through ‘the subsidised loan’ programme, growing from 47 per cent in 2017.

More than 487,000 Saudi families benefited from the financing and housing programmes provided by the ‘subsidised loan’ in various regions of the kingdom by the end of Q1 2021. This was accompanied by the improving the efficiency of e-services, developing the ‘Real Estate Advisor’ platform, and expanding ties with strategic partners such as banks and real estate financing institutions.

With the approval of the new bylaw that granted the Real Estate Development Fund greater authority focusing on expanding partnerships with the public and private sectors to facilitate Saudi citizens’ proper house ownership, Bin Madi emphasised that the next stage requires further efforts and dedication.

The kingdom’s real estate finance sector is currently witnessing development since the launch of Vision 2030, Bin Madi said, adding that the objective in the upcoming phase is continuing its urban development, and facilitating the customer journey of “the subsidised loan” for all beneficiaries, in accordance with the fund’s new strategy.