Minister of Housing, Majed al-Hogail, announced on Tuesday the formation of a company (Saudi Refinancing Company), with a plan to refinance up to USD13.3bn worth of mortgages for the Kingdom's housing sector over the next five years. Saudi authorities outlined plans earlier this year to raise the proportion of Saudis who own their own homes by 5% to 52% by 2020. (SPA, Business Times)
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