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FINANCIAL NEWS
Saudis exempted from another USD5.3b debts
08 Jul 2013
(MENAFN) Saudi Arabia government has decided to write off USD5.3 billion in loans taken out by citizens, in what has become common in the GCC, Al Sharq daily reported.
The Finance Ministry said recently it had consumed loans worth USD490 million that had been taken out with state-owned financial institutions by 20,792 Saudi nationals.
Finance Minister Ibrahim Al-Assaf said the ministry also would pay USD4.3 billion in instalment payments to the Real Estate Development Fund and the state-owned Saudi Credit Bank after
King Abdullah exempt nationals from making payments for two years.
Also, King Abdullah declared debts would be taken out of the deceased, meaning the burden will not be passed on to descendants.
Recently, Kuwaiti government has moved in the same direction as it decided to take over loans worth an estimated USD2.61 billion that had been taken out by about 40,000 nationals in the lead up to the global financial crisis.
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24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
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BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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