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FINANCIAL NEWS
Saudi Sidra Capital to set up mortgage firm
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.
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