The Saudi cabinet, chaired by King Salman bin Abdulaziz Al Saud, Prime Minister, has given approval to the Real Estate Development Fund regulation, reported Saudi Press Agency.
The cabinet also approved the setting up of a central risk classification units in the Ministry of Finance as well other ministries and the government agencies, it stated.
A key fund, REDF offers provisions for developing diversified and balanced financing programmes to suit all segments of society in co-ordination with the Ministry of Housing.
The Saudi Cabinet also approved the new REDF law, which comprises 18 articles.
Under the new law, the REDF will stand as a legal personality, and a financially and administratively independent entity, with a similar structure to the National Development Fund, stated the SPA report.
Under the new law, the fund can conclude more partnerships with municipalities and other real estate development companies, in line with the housing development plans, it added.
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