FINANCIAL NEWS

Saudi Arabia SAMA grants licenses to its home finance Co

26 Dec 2015

(MENAFN) Saudi Arabian Monetary Agency (SAMA) granted a license to its national home finance company, Bidaya and will be launch with USD 239.94mn.

Moreover, the company’s decision joins efforts to improve home ownership in the Kingdom, where a lack of affordable housing becomes an economic issue.

“We’re pleased to get the green light from SAMA to work in the local market as the first Saudi company licensed since the new sector regime was issued,” said Bidaya chairman.

The company aims to make financing more readily available in a Kingdom where home ownership levels lag behind global average of 70 pct.

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