Saudi Arabia: Real Estate Development Fund approve new loans
The Real Estate Development Fund has recently approved SR 1.1 billion worth of new real estate loans for 4,063 residents. The Saudi residents will use these loans, which represent the 6th payment of the loans for the current year, to build their private houses.
Mr. Mohammed Al-Harbi, Chairman of the Fund, estimates these loans to finance the construction of 4,900 housing units. The Real Estate Development Fund, established in 1974, was set up to meet the needs and aspirations of the Kingdom's citizens by helping to raise the quality of life in society through the development of high quality housing.