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[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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