Mubasher: Saudi Arabia’s first home finance company, Bidaya, officially launched yesterday its operations with a capital exceeding SAR900 million, in which the Finance Ministry’s Public Investment Fund hold 22%, while the remaining equity is owned by Islamic Corporate for the Development of the Private Sector (ICD), and a group of business houses.
The company will be offering an easy access to middle-income home buyers, helping them overcome social and economic hardships so as to maintain KSA real estate stability as far as possible, said Bidaya’s Chairman Khaled Al-Aboodi.
In cooperation with the Ministry of Housing, the company also plans to start financing programs for limited and middle income brackets, to develop its financing operations to more than SAR4.5 billion, and thus to consider capital increase, the chairman added.
Bidaya was licensed by the Saudi Arabian Monetary Agency (SAMA) last December to become the first Sharia-compliant company.
