Damanat

What Damanat does

Damanat (The Saudi Mortgage Guarantees Services Company, شركة ضمانات) is a Riyadh-based closed joint-stock company established in 2017 under the Saudi Housing Program and wholly owned by the Real Estate Development Fund (REDF). It is the first dedicated mortgage guarantee services company in the Middle East, licensed and supervised by the Saudi Insurance Authority under License No. TMN/37/202307, with a capitalization of SAR 18.6 billion (~USD 4.96 billion). Its mandate is to enable Saudi homeownership in support of Vision 2030's 70% homeownership target by 2030.

Damanat's core products are MGS (Makken), an individual mortgage guarantee launched in 2017 that provides up to 100% credit risk coverage for semi-bankable Saudi citizens, and Tawer (طور), an off-plan sales guarantee product in development designed to reduce credit risks in developer construction financing. The company does not build proprietary consumer-facing technology platforms; its risk coverage is delivered via B2B partnerships with banks and financing companies that originate mortgage loans. End beneficiaries (Saudi citizens and developers) access Damanat-guaranteed financing through these partner institutions rather than directly from Damanat.

Commercially, Damanat operates a B2B channel-partner go-to-market, transacting guarantee fees per financing transaction (currently fee-free for MGS with planned migration to risk-based pricing). Its distribution covers all major Saudi banks—Al Rajhi, Saudi National Bank, Arab National Bank, Banque Saudi Fransi, Alinma, Bank AlJazira, SAB, Bank Albilad, Saudi Investment Bank, and Riyadh Bank—plus dedicated real-estate financiers Masar and Amlak. Government partnerships with the Ministry of Housing, REDF, SRC, and NHC anchor its role in developing Saudi's secondary mortgage market, with strategic ties to BlackRock, King Street, and Apollo to attract foreign investment into the housing sector. Reinsurance cooperation with Saudi Re and a portfolio-guarantee arrangement with SRC position Damanat as infrastructure for the broader housing-finance ecosystem rather than a single-product guarantor.

Name

Damanat

Legal name

The Saudi Mortgage Guarantees Services Company (Damanat) - الشركة السعودية لخدمات الضمان الإسكاني

Website

https://damanat.com.sa

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Damanat is a Saudi government-owned mortgage guarantee services company that provides credit risk coverage products to banks, financing companies, and developers, enabling broader access to housing finance under Saudi Vision 2030.

Ownership category

akta.pro rank

Product category

Mortgage Guarantee Insurance

NAICS

Other Insurance Funds (52519), Other Investment Pools and Funds (5259)

SIC

Surety Insurance (6351)

akta.pro primary industry

Construction & Development (C&D) Lending — Commercial/Multifamily (FSALADAH)

Keywords

• Mortgage guarantee insurance
• Housing finance
• Credit risk coverage
• Off-plan sales guarantees
• Real estate financing

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Mortgage Guarantee Fees: Damanat generates revenue through guarantee fees charged to financial institutions for covering credit risks in mortgage portfolios. The company provides credit risk coverage up to 100% for subsidized financing program beneficiaries, with fees potentially determined based on risk-based pricing for each financing transaction.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Damanat is a Saudi closed joint-stock company that provides mortgage guarantee insurance and related risk management solutions to financial institutions (banks, financing companies, real estate finance entities) and real estate developers. Its core products — MGS (Makken) for individual mortgage guarantees and Tawer for off-plan sales guarantees — cover credit risk in housing finance portfolios, enabling partner institutions to extend financing to semi-bankable Saudi citizens and to fund off-plan development projects under Saudi Vision 2030.

Product overview

Damanat is a closed joint-stock company providing mortgage guarantee products and services in Saudi Arabia. The company operates two main products: MGS (Makken), an individual mortgage guarantee launched in 2017 for semi-bankable citizens, providing up to 100% credit risk coverage; and Tawer (طور), a developer-focused off-plan sales guarantee product designed to reduce credit risks in construction financing. Both products operate within Saudi Arabia's Vision 2030 housing ecosystem, targeting the goal of 70% homeownership rate.

Differentiator

Problem solved

Functional benefit

Brands

• MGS (Makken): Individual Mortgage Guarantee Product (مكّن) - A specialized mortgage guarantee designed to enable financing for beneficiaries categorized as 'semi-bankable', providing partial credit risk coverage to financing institutions. Launched in 2017.
• Tawer (طور)

Products and services

• MGS (Makken) - Mortgage Guarantee for Individuals A specialized mortgage guarantee product designed to enable financing for Saudi beneficiaries categorized as 'semi-bankable', providing them access to mortgage financing through partial coverage of credit risks faced by financing institutions. Provides credit risk coverage up to 100% based on income segments. Targeted at Saudi citizens applying for subsidized financing programs through partner banks and financing companies.
• Tawer (طوّر) - Off-Plan Sales Guarantee A guarantee product designed to facilitate off-plan sales projects and offered to developers to mitigate credit risks in financing. Helps financial institutions reduce credit risks, enabling more qualified developers to access necessary funding during construction. Targeted at real estate developers seeking off-plan financing through partner banks.

Quantifiable outcome

• Homeownership rate target: 70% by 2030
• +2 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered supporting, core and strategic.

• Financial AcademysupportingStrategic or Co-development Partner · 8 October 2025Damanat and the Financial Academy signed an agreement to develop human capabilities and build specialized knowledge in bank guarantees. The partnership includes specialized annual training programs for Damanat employees and contributes to advancing the financial sector by enhancing awareness and professional skills of employees in banks and financing institutions.
• Arab National Bank (ANB)coreStrategic or Co-development Partner · 18 August 2025ANB and Damanat signed an MoU to enhance real estate financing and housing sectors. The agreement provides a sustainable growth strategy framework for off-plan sales for developers and individuals while supporting market stability. Both parties commit to technical and technological assistance for developing real estate financing guarantee products.
• Saudi Reinsurance Company (Re)coreStrategic or Co-development Partner · 17 February 2025Damanat and Saudi Re signed an MoU to strengthen cooperation in reinsurance for the real estate finance sector. The agreement focuses on developing innovative risk management solutions, building pricing models, underwriting mechanisms, and efficient claims management. The partnership enhances compatibility with international investors and builds strong Saudi-international partnerships.
• Saudi Real Estate Refinance Company (SRC)coreStrategic or Co-development Partner · 6 October 2024SRC and Damanat signed an MoU to guarantee SRC's residential real estate finance portfolios and acquired portfolios. This partnership aims to reduce financing costs for target segments and increase beneficiaries of real estate financing. The collaboration develops the secondary market for real estate finance and attracts local and international investors by raising creditworthiness of SRC portfolios.
• BlackRockstrategicStrategic or Co-development PartnerStrategic partnership with BlackRock as part of Damanat's efforts to drive innovation and attract foreign investments to the Saudi housing market.
• King StreetstrategicStrategic or Co-development PartnerStrategic partnership with King Street to support the Saudi housing market through foreign investment attraction.
• ApollostrategicStrategic or Co-development PartnerStrategic partnership with Apollo to contribute to driving innovation and ensuring sustainability of the Saudi housing market.
• Ministry of HousingcoreStrategic or Co-development PartnerStrategic partner within the housing ecosystem, collaborating on initiatives to achieve Saudi Vision 2030 housing goals.
• Insurance AuthoritycoreStrategic or Co-development PartnerRegulatory oversight body that supervises Damanat's operations in the mortgage guarantee sector.

Scale indicators3 records

Recent moves10 records

Expansion highlights6 records

Regional players

• Sagen MI Canada: Sagen is Canada's largest private mortgage insurer providing mortgage default insurance. Comparable to Damanat as a national-scale mortgage guarantee provider, but operates in Canada under a different regulatory framework and does not directly compete with Damanat's Saudi franchise.
• Canada Guaranty Mortgage Insurance Company: Canada Guaranty is a Canadian private mortgage insurer providing mortgage default insurance to Canadian lenders. Comparable to Damanat as a domestic mortgage guarantee monopoly player in its home market, though operating in a different geography with distinct regulatory requirements.

Others

• Saudi Real Estate Refinance Company (SRC): SRC is a Saudi government-backed entity that refinances mortgage portfolios and develops the secondary mortgage market. It is an ecosystem partner to Damanat through the SRC-Damanat MoU to guarantee residential portfolios, making it adjacent infrastructure rather than a direct competitor.
• Saudi National Bank (SNB): SNB is one of Saudi Arabia's largest banks and a customer/distribution partner of Damanat's guarantee products. It represents the lender side of the mortgage ecosystem that Damanat serves rather than a direct competitor.
• Saudi Reinsurance Company (Saudi Re): Saudi Re is the kingdom's main reinsurer and a strategic partner to Damanat via their 2025 reinsurance MoU. It is an enabling ecosystem participant providing reinsurance capacity to Damanat's guarantee book rather than a direct competitor.

Direct peers

• Radian Group: Radian is a major US private mortgage insurance and real estate services company providing mortgage credit-risk guarantees. It directly mirrors Damanat's core business of guaranteeing mortgages to enable lender origination, with a comparable B2B bank-channel model.
• MGIC Investment Corporation: MGIC is a leading US private mortgage insurance (PMI) provider that guarantees mortgage loans against default. It is directly comparable to Damanat as both serve as mortgage credit-risk guarantee providers enabling bank origination, with similar B2B distribution through mortgage lenders.
• Essent Group: Essent Group is a US private mortgage insurance provider that offers credit protection on residential mortgage loans. Comparable to Damanat as both write mortgage guarantees for lenders, enabling home financing across prime and non-prime borrower segments.

Broad incumbents

• National Western Life Insurance Group (NWL): While primarily a life insurance and annuity provider, NWL is included as a broad incumbent in the US insurance market with mortgage-related credit products. It represents the wider universe of licensed US insurers that could theoretically enter mortgage guarantee markets comparable to Damanat's Saudi franchise.
• Genworth Financial (USMI): Genworth's US Mortgage Insurance segment provides mortgage guarantee insurance in the US. Comparable to Damanat as a major mortgage guarantee insurer, though Genworth operates a broader portfolio across life insurance and wealth management beyond mortgage guarantees.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Damanatksa
• LinkedInlinkedin.com/company/damanatksa

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Damanat