Saudi Arabia’s Real Estate Development Fund (REDF) has announced its branch in the holy city of Makkah has started the process of paying out the tranche of special loans approved by the Fund.
The move follows the adoption of a new mechanism to determine who deserves loans from those who applied electronically in 2011, said the REDF last March.
The Fund approved 2,924 loans and endorsed the disbursement to facilitate the construction of some 3,509 residential units in Makkah,valued at $389.8m.
By the end of last year, the REDF said more than half a million Saudi citizens applied for housing loans from the Fund.
