Saudi: $5.6bn in property loans up to Q3 2015by Hadi Khatib on Mar 17, 2016
The Saudi Real Estate Development Fund loaned $5.6bn (SAR21.3bn) up to September of last year, of which $666m (SAR2.5bn) was paid back, daily Al Iqtisadiah reported.
Since 1987, almost 50% - $221.bn (SAR83 bn) - of all fund loans totalling $44.6bn (SAR167.5bn) have been paid back.
The value of outstanding loans at the end of the third quarter of 2015 increased by 17% to $38.9bn (SAR146bn) compared to $33.2bn (SAR124.7bn) for the corresponding period of 2014.
The Fund’s outstanding loans made up the largest percentage (42.3%) of all specialised Saudi government loans at the third quarter of 2015.
Specialised Saudi government loans witnessed a 14% increase during quarter three of 2015 to $91.8bn (SAR344.6bn) from $80.2bn (SAR301bn) during the same period of 2014.
There are 5 state real estate leading organisations in Saudi, namely: The Agricultural Development Fund; The Public Investment Fund; The Saudi Industrial Development Fund; The Real Estate Development Fund and Saudi Credit and Savings.
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