Saudi to allow foreign real estate finance firms

Saudi Arabia will allow foreign financing companies to operate in the kingdom to boost the real estate financing sector, Saudi Arabian Monetary Agency (Sama) Governor Fahad Al-Mubarak was quoted as saying by a report.

The permission for these firms will be in accordance with the provisions of the new land mortgage law, he was quoted as saying by a Saudi Gazette report.

The volume of land mortgage and financing market covered about 2 per cent of the kingdom’s real estate market, he said.

He also urged the existing companies in this sector to complete the procedures and secure the required licenses within nine months, the report said.

tradearabia, March 4, 2013