09 July 2024
Based on the insurance product approval standards issued by the
Authority, the Insurance Authority announces the approval of a developer
financing guarantee product for Off-Plan Sales (OPDG) projects, provided by the
Saudi Mortgage Guarantees Services Company (Damanat) and offered to category of
clients groups, under the identification number (F-DMNT-1-C-24-004). This product
aims to support real estate developers by enabling them to obtain funding for
the development of on-plan sales projects.
This step comes in the belief in the importance of spreading the
insurance culture and raising awareness of the existence of various insurance
products in the Kingdom, in line with the Authority's role in supporting and
empowering the insurance sector, in order to encourage innovation in the
insurance products provided, and to enable access to all sectors of the
beneficiary society.