Riyadh-Mubasher: The Saudi Arabian Monetary Agency (SAMA), the kingdom’s central bank, is gearing up for launching the first real estate refinancing company by the end of 2016, Al-Riyadh newspaper reported.
The Public Investment Fund (PIF) will own 51% of company whose capital reaches SAR 5 billion, and 30% of capital will allocated for real estate financing companies.
A portion of the capital will likely be offered for public subscription.
The new entity is aimed at boosting competition among real estate financing companies through offering products suiting the housing market and thus lowering the interest rate on financing products.
