27/09/2017 05:49 AST

Saudi Arabia’s central bank has scrapped administrative fees for mortgage holders if they switch between fixed and floating rate loans, as part of new measures to boost the housing market.

The Saudi Arabian Monetary Authority also announced, via its Twitter account, other measures to help reduce mortgage costs, including allowing a mortgage holder to move to a new lender without additional costs.

Mortgage laws and regulations are still being ironed out, according to one Jeddah-based analyst, and may be subject to modifications.

Nevertheless the measures fit in with Riyadh’s National Transformation Program for economic development, which includes raising the percentage of Saudi family homeowners to 52 percent by 2020, from 47 percent at present.

The international benchmark is 64 percent, according to the Saudi program document. Saudi authorities have taken a number of measures since last year to stimulate the real estate market and ease a shortage of affordable housing.

Earlier this year, the central bank allowed banks to provide a bigger share of funding for home purchases, and the government has talked about signing deals with Asian firms on a potentially $100 billion project to build 1 million low-cost homes over the next five years.


Arab News

Ticker Price Volume
SABIC 118.60 3,051,555
WALAA 23.70 381,943
EEC 17.96 1,356,411
JAZIRATKFL 19.00 85,514
SACO 71.00 167,636
JABALOMAR 38.30 838,646
HB 47.00 12,559
Saudi banks step up drive against fraud

18/09/2018

Saudi banks launched the 10th edition of the anti-fraud awareness campaign tilted “Do not disclose it”. This season’s campaign slogan is # Drag them before they pull you.

The media and ban

Saudi Gazette

Saudi Arabia’s central bank governor expects SR71bn Q2 surplus

18/09/2018

Saudi Arabia’s central bank governor said on Monday that the Kingdom’s current account is expected to record a surplus in the second quarter of this year worth SR71 billion ($19billion).

Dr

Arab News

Abu Dhabi courts fintech firms and investors to grow digital economy

18/09/2018

Abu Dhabi is luring a rising number of financial technology firms from the Middle East and beyond to its shores through new funding, mentorship and regulatory schemes, as part of its strategy to grow

The National

Oman’s downstream expo advisory board holds meeting

18/09/2018

In preparation for the highly anticipated Oman Downstream Exhibition & Conference (ODEC) on April 15-17, 2019, the World Refining Association (WRA) and Omanexpo gathered senior stakeholders from the

Times of Oman

Dubai inflation remains flat in August

18/09/2018

Inflation in Dubai remained flat in August, compared to the same month in 2017, while housing deflation accelerated, the Dubai Statistics Centre said on Monday.

Consumer inflation was 0.2 p

Gulf News