FINANCIAL NEWS

Saudi Housing Ministry to make development firm

05 Apr 2016

(MENAFN) The Housing Ministry is planning to make its own development firm and will start a mortgage-guarantee fund to support banks to increase lending.

Furthermore, the kingdom is taking part in housing finance and development, and will enhance the productivity of the regional developers.

However, the kingdom faces a lack of more than 1.5mn homes through the coming five years, while it imposed a tax on urban land.

In addition, the new development Co. will give businesses plots of land in order to build homes and help them secure financing by offering some loan guarantees.

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