The Real Estate Development Fund (REDF) implemented a new transformation strategy that took three years to produce results, so it needed a determined staff and unique products to put REDF on the map. After unveiling the new system in 2017, REDF required three years to get it up and running.

Before 2017, REDF had several obstacles to overcome. More than 500,000 residents have been on the standby list for mortgage assistance, with an average waiting duration of 12 to 15 years. REDF could only help 20,000 residents each year, making it difficult to meet the Vision 2030 goal of letting 60% of Saudis purchase their houses by 2020 and 70% by 2030.

Mansour Bin Madi, CEO of REDF, and his team of REDF experts had to explore new and creative ways to facilitate this long waiting list in just three years to meet the 2020 (60%) target; thus, they established a new loaning system (subsidized) converting from direct lending from REDF to indirect lending via reputed Saudi financial institutions, through which REDF subsidized the (profit rate) mortgage loans of up to SR500,000.

“The perfect equilibrium among product innovation and good communication is critical to success,” said Majid Roshdi, REDF's chief of marketing and corporate communications. Underneath the direct direction of the CEO, the marketing and communications division played a critical role in communicating the new REDF system and its unique product offerings.

It accurately focused the correct audience with the correct messages, resulting in 87% knowledge of REDF among the targeted population. Most of this arrived after a series of successful activities and campaigns, including the REDF transformation campaign, Expos targeted at 30+ governmental entities, Euromoney's Saudi housing finance live online series expressing the achievement of the entire Saudi housing program, and various product-centric and social awareness campaigns centered on REDF.

REDF profited greatly from the resources and competencies of its committed workforce and its financial and real estate partners. REDF was capable of creating an award-winning digital model (Real Estate Advisory) that linked this to all financial institutions.

This contributed to a high level of trust among the Saudi target population, making the road to homeownership easier and quicker. From 2017 to 2020, REDF was capable of removing the full backlog of 500,000 residents on the standby list, towards the end of 2020, it had reached a 60% ownership rate of Saudi recipients.

To achieve the Vision 2030 targets, REDF's plans and initiatives are massive and ambitious. The primary goals will be financial stability developing the digital infrastructure, and extending financing schemes while maintaining Saudi citizen well-being at the forefront of all programs and communications.