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  • 04-05-10

    Saudi denies imminent approval of new mortgage law

    (MENAFN) A senior Saudi official denied recent reports saying that the council of ministers is expected to approve the long-awaited mortgage law this week, Reuters reported. The Secretary General of the council of ministers, Abdul-Rahman Al-Sadhan, said that his previous remarks about approving the law were misinterpreted, and he only expressed hope that this law would be approved soon. This long-awaited mortgage law has been in the planning stages for almost 10 years. The law is expected to revive a slowing lending market as it would cater to a larger proportion of housing demand in a country where less than a third of the population owns a home.

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