Saudi denies imminent approval of new mortgage law

04 May 2010

(MENAFN) A senior Saudi official denied recent reports saying that the council of ministers is expected to approve the long-awaited mortgage law this week, Reuters reported.
The Secretary General of the council of ministers, Abdul-Rahman Al-Sadhan, said that his previous remarks about approving the law were misinterpreted, and he only expressed hope that this law would be approved soon.

This long-awaited mortgage law has been in the planning stages for almost 10 years.

The law is expected to revive a slowing lending market as it would cater to a larger proportion of housing demand in a country where less than a third of the population owns a home.

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