TMCNet:  Saudi approves $1.5bn in housing loans [TradeArabia]

[May 18, 2014]

Saudi approves $1.5bn in housing loans [TradeArabia]

(TradeArabia Via Acquire Media NewsEdge) The Saudi Real Estate Development Fund (REDF), has approved 11,000 real estate loans totaling SR5.5 billion ($1.46 billion) to eligible citizens to build 13,202 housing units across the Kingdom, said a report.

Housing Minister Shuwaish Al-Duwaihi, who is also chairman of the board of directors of REDF, said this is the first batch of loans from the fund's budget for 2013-2014, reported the Saudi Gazette.

The agency said the loans were within the ministry's policy of "land and loan" to enable citizens to build their own private houses, it added.

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