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FINANCIAL NEWS
Saudi Capitas to launch mortgage finance company
19 May 2011
(MENAFN) Capitas Group International’s CEO, Naveed Siddiqui, said that as the Saudi company would create financing for the lower and middle income families, it would establish a mortgage finance firm the next year in partnership with Saudi Public Investment Fund as a 50- 50 joint venture, reported Arab News.
Siddiqui added that Capitas group is a subsidiary of the Islamic Corporation for the Development of the Private Sector (ICD) which would add USD26.7 million to the project which until this moment the current raised capital reached a total USD346 million.
He also said that at the start the company would lend to Saudi nationals but there would be a very strong consideration to lend to non-Saudis as well, adding that the mortgage law would be passed over the next few months so it would give the whole industry a level of confidence. On the other hand, he said that over the next ten years the company would see a USD320 billion market from the need perspective, the average loan given to a person to buy a house is USD213,303, so there would be enough room for many to compete.
It is worth noting that the absence of a clear mortgage law, which has been in planning stages for almost a decade, has left the Kingdom with no framework to govern property ownership, preventing foreign banks from lending and private developers from entering the market.
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