The Real Estate Development Fund, established in 1974 (1394 AH), was set up to meet the needs and aspirations of the Kingdom's citizens by helping to raise the quality of life in society through the development of high quality housing.
In its first five years, the Fund fulfilled its major objective by solving the housing crisis of the time engendered by the Kingdom's extraordinary pace of development.
From the beginning of its operations in 1975/76 (1395/96 AH) until the end of the 1992/93 (1413/14 AH) financial year, the Real Estate Development Fund had advanced 411,711 personal loans worth 107,947,000,000 Saudi Riyals which had resulted in the building of 489,404 living quarters. The Fund has also advanced 2,470 investment loans with a total value of 5,154,000,000 Saudi Riyals which contributed to the construction of 29,227 living quarters, 2,857 offices and 5,125 trade exhibitions. The total loans disbursed by the Real Estate Development Fund since its inception until the end of 2006 amounted to SR 134.1 billion.