424,000 Saudi families have benefited from subsidized housing loans

Amlak International was the first real estate financing company approved by the Saudi Arabia Monetary Authority (SAMA). (Screenshot)
Amlak International was the first real estate financing company approved by the Saudi Arabia Monetary Authority (SAMA). (Screenshot)
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Updated 12 January 2021

424,000 Saudi families have benefited from subsidized housing loans

Amlak International was the first real estate financing company approved by the Saudi Arabia Monetary Authority (SAMA). (Screenshot)
  • The program enabled families to own property during the past three years

RIYADH: The total number of families benefiting from the subsidized loan program exceeded 424,000 across the Kingdom, the Saudi Press Agency (SPA) reported, citing the Real Estate Development Fund (REDF) General Supervisor Mansour bin Madi.

The program enabled families to own property during the past three years, compared to about 860,000 families in 40 years with the old fund model.

He indicated that the subsidized mortgage program witnessed the signing of more than 222,000 contracts during 2020, achieving an increase of 43 percent year-on-year (YoY) for the third year in a row.

Bin Madi pointed out that the integrated efforts of the housing system and financing entities (banks and financing institutions) facilitated ownership procedures that contributed to an increase in the mortgage market by 300 percent, compared to 2017.

Similarly, the move contributed in increasing REDF’s share of subsidized mortgage to 94 percent by the end of 2020 from 7 percent in 2017.

The fund will continue offering subsidized loans to enable families to own property, the official stated.

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UK economy shrinks by 2.6% in November, first drop since April

UK economy shrinks by 2.6% in November, first drop since April
Updated 15 January 2021

UK economy shrinks by 2.6% in November, first drop since April

UK economy shrinks by 2.6% in November, first drop since April
  • The fall in gross domestic product much lower than the average forecast for a 5.7 percent drop

LONDON: Britain’s economy shrank by 2.6 percent in November, the first monthly fall in output since the depths of an initial COVID lockdown in April, as new restrictions were imposed on much of the country to slow the spread of the disease.
The fall in gross domestic product reported by the Office for National Statistics was much lower than the average forecast for a 5.7 percent drop in a Reuters poll of economists.
The Bank of England estimates Britain’s economy shrank by just over 1 percent over the final three months of 2020, and with a new lockdown in place since January the country is likely to have fallen into a double-dip recession.
The BoE ramped up its bond-buying program to almost 900 billion pounds in November and Governor Andrew Bailey said this week that it was too soon to say if further stimulus would be needed.