16 Jul 2012
(MENAFN) Saudi Arabia-based Sidra Capital unveiled plans to establish a housing mortgage firm with USD267 million of capital to take advantage of the expected growth in the Kingdom following the introduction of the long awaited mortgage law, Reuters reported.
Sidra clarified that the new firm would be jointly owned with many shareholders and that the Saudi government’s Public Investment Fund (PIF) would have a sizeable stake in it.
Sidra’s CEO Hani Baothman said that the law would encourage the formation of several companies to compete with banks in mortgage financing, but they would need an active sukuk market to provide them with the liquidity necessary for lending.
Baothman expected the new mortgage law to impact the real estate development side, not the financing side, as companies would target the middle-class people where demand is concentrated.
He explained that developers would build affordable units that matched the size of loan the middle-class people could obtain.
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
26 Jan 2026
BBK Enhances Autumn Fair 2026 Experience with Customized Rewards and Premium Services
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more