The Saudi Real Estate Development Fund on Monday announced that new loans are available to the Saudis, including 20,000 loans to build 24,000 housing units at a total cost of SR6 billion (US$1.6 billion), representing the first installment of the package which was ordered by King Abdullah bin Abdul Aziz.
The general director of Real Estate Development Fund, Hassan Bin Mohammed Al-Attas, said in a statement to Saudi Press Agency that this installment is the largest payment loans issued by the Fund since its inception. Engineer Al-Attas stressed that every citizen should feel the impact of the support provided by the Government through the fund.
Last week, the Saudi king announced new measures for reform and development, notably raising the capital of the Bank of Credit to SR30 billion and increase the capital of the real estate fund to SR40 billion. The Saudi Finance Minister Dr. Ibrahim Al-Assaf said that the decisions taken by King Abdullah will amount to nearly SR110 billion.