The Real Estate Development Fund (REDF) extended 530,328 loans worth SR141.6 billion from 2003, when the fund was created, until 2007. The loans were used in financing the construction of 636,394 housing units. Dr. Ibrahim Al-Assaf, Minister of Finance and REDF's Chairman, said 52,536 loans worth SR14.556 billion were used in financing the construction of 63,080 residential units in various parts of the Kingdom. During the fiscal year 2005-06 the Fund offered 25,324 loans worth SR7.032 billion for the construction of 30,461 residential units while it approved 27,212 loans in the next fiscal year amounting to SR7.5234 billion used in constructing 32,664 residential units. In the annual report compiled by the Fund focusing on its activities in the two previous fiscal years, Al-Assaf underlined the significant support of King Abdullah, Custodian of the Two Holy Mosques. The Monarch, the minister said, increased the Fund's capital by SR43 billion which effectively helped in increasing the size of the loans. Al-Assaf said the increase was made in three stages, the first and second one reached SR18 billion followed by an additional increase in the fiscal year 2008-09 worth SR25 billion to be paid within five years at SR5 billion yearly. He also highlighted the Royal Decree issued by King Abdullah under which families of deceased borrowers were exempted from paying the due installments.
