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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.
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 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).
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
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
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