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08-09-22

Housing Minister: Saudi banks’ mortgages surge to USD170B in April-June

(MENAFN) Mortgage loans supplied to retail as well as company customers by Saudi Arabia’s commercial banks surged in the April-June period to SR638 billion (USD170 billion) from SR211 billion (nearly 56.1 billion) 5 years ago, as stated by Majid Al-Hogail, the nation’s housing minister.

While giving his speech at the Euromoney Saudi Arabia meeting in Riyadh on the 7th of September, he stated that his ministry is attempting to push the nation to the highest spot in the world in terms of mortgage input to the gross domestic product.

He stated that “I am happy that the mortgage quantitative numbers jumped from SR211 billion in 2017 to SR638 billion now. We are trying to bring Saudi top of the world in terms of the mortgage contribution to GDP.”

He continued that “Mortgage housing makes governments less involved, but we continue smartly by providing for the needs of Saudi beneficiaries.”

The minister pointed out that the Saudi Real Estate Refinance Co. is going to contribute in a vital role in guaranteeing liquidity and transparency in the nation’s real estate area.

“SRC was established in 2017, and we had to build its credibility. We wanted to make sure to get rated big by rating agencies like Moody’s. We are now going international. We expect it in the first half of 2023 to become global, and we are currently working closely with the Finance Ministry,” the official also expressed.

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