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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.
Omani banks, including Islamic institutions, achieved a year-on-year growth of 5.7 per cent in total credit at OMR23 billion by September-end this year.
Credit to the private sector alone
Times of Oman
Germany wishes to see more Qatari investments in the country, said German Minister of Economy and Finance, Brigitte Zebrais.
Welcoming a high-level delegation from the Qatari Businessmen Ass
The Dubai Land Department has updated its online Rental Index for 2018, a process which carries extra significance this time given that residential rents had taken a hit across key locations for the
Sultan Ahmed bin Sulayem, Group Chairman and CEO DP World, said: “France is a long-term strategic partner of Dubai and the UAE and Jebel Ali Port and Free Zone play an important role in that relation
Media Office Dubai
Port of Duqm plans to shortly appoint a consultancy firm to assist in the proposed transformation of the gateway into a ‘smart port’, characterised by automated terminals, truck appointment systems,
Oman Daily Observer