News

Saudi provides loans for 12,000 new homes

5 July 2013

Saudi Arabia’s Real Estate Development Fund has agreed funding of over $1.33 billion for the construction of 12,000 new homes.

The fund has authorised 10,015 loans to build the new housing units in different parts of the country, newspaper Arab News reports.

King Abdullah

Mohammed bin Ali Al-Abdani, the fund’s director-general, said this was the third instalment for housing allocated in the current budget.

After the Arab Spring in 2011 the government announced $66bn in funding for the construction of 500,000 new homes in the Kingdom, and in April this year King Abdullah ordered various ministries to speed up delivery.

Source: Arab News