Saudi Arabia’s ambitious “Vision 2030” diversification agenda envisions a completely transformed socio-economic setup for its residents. One of the major goals under this roadmap is to increase homeownership among citizens.
Playing a pivotal role in this transformative journey is the Saudi Mortgage Guarantees Services Company – Damanat, a fully owned subsidiary of the Real Estate Development Fund (REDF). Established in 2023 and licensed by the Insurance Authority the same year, Damanat was created to enable access to mortgage finance for semi-bankable segments by providing assurances to lenders, supporting developers in securing project financing, and strengthening the secondary market through guarantees for investors. These efforts have collectively increased homeownership and expanded residential supply, especially for low- and middle-income groups.
At the forefront of this initiative is Osama Abdullatif Al-Othman, a visionary CEO with over 30 years of experience in real estate and private equity investments. His career spans leadership and executive roles at both national and international institutions.
Under Al-Othman’s guidance, Damanat has emerged as a cornerstone of the Kingdom’s housing ecosystem. Since its launch, it has issued over 151,000 mortgage guarantees, primarily benefiting low-income groups, semi-bankable individuals, and segments that are now enabled through Damanat’s strategic support.
A key element of Damanat’s impact is its product range, which offers solutions for individual homebuyers and developers. For individuals, it provides guarantees to lenders, ensuring risk assurance. And when it comes to the developers, Damanat offers the Off-Plan Development Guarantee (OPD), branded as “Tawer,” which enhances their ability to access funding by reducing credit risk associated with project financing. These programmes have accelerated housing supply and reduced financing barriers across the market.
In an interview with International Finance, Damanat CEO Osama Abdullatif Al-Othman said, “Our objective is not just to offer guarantees; we aim to enable access to housing finance for underserved populations, empower real estate developers, and stimulate the secondary market, all in alignment with Vision 2030.”
Damanat’s operations are based on transparency, innovation, and collaboration. These values are essential for building trust with banks, developers, government agencies, and the citizens. In addition to its national responsibilities, Damanat is actively collaborating with various stakeholders to attract international investment in the Saudi housing sector. It does this by offering structured and risk-mitigated pathways for participation.
Damanat invests heavily in human capital, offering ongoing training and professional development to equip its team with the tools needed to navigate the evolving housing finance landscape.
When asked about the company’s alignment with “Saudi Vision 2030,” Al-Othman affirms, “Damanat’s entire model is built around the Vision. Every product we design and every partnership we form is intended to drive higher rates of homeownership and create a more inclusive housing market.”
As the Kingdom advances toward its national diversification objectives, Damanat’s leadership under Al-Othman reflects how focused governance, inclusive solutions, and strategic innovation can collectively reshape the future of housing in the Gulf country, ensuring that every citizen has a fair opportunity to access suitable, secure, and affordable homes.