The Saudi Real Estate Development Fund granted 1,534 housing loans during the first 11 months of 2001, reported Al-Hayat. The loans are valued 424 million Saudi Riyals ($113 million) and were used to build 1,840 apartments.
The Fund’s Board of Directors recently approved a two billion Saudi Riyal ($533 million) loan package to modernize industrial factories next year in order to boost the development process in the Kingdom.
The Fund has announced it is no longer able to finance all the requests submitted to it for housing loans in the Kingdom, reported Al-Sharq Al-Awsat. Out of the 14.5 billion Saudi Riyals (four billion dollars) worth of loan applications submitted to the Fund from 1996 to 1999, the Fund granted only SR 3.3 billion to the public.
The Fund is expected to have the capability to finance only 10 percent of Saudi housing projects in 2002 compared to 13 percent in 2001. — (menareport.com)
© 2001 Mena Report (www.menareport.com )