Feb 08 2010 |
more articles from
|
PIF to contribute 20% in real state firm
JEDDAH - The Public Investment Fund ( PIF ) has agreed to contribute 20 percent of the SR2 billion capital of the new home finance company, Khaled Al-Aboodi, CEO of Islamic Corporation for the Development of the Private Sector ( ICD ), announced here Sunday.This represents the single largest investment in a mortgage company in the history of PIF , he said.
The Islamic Corporation for the Development of the Private Sector ( ICD ), a member of the Islamic Development Bank, is currently attracting sponsors for the new home finance company. Investment deadline ends this month.
Al-Aboodi said the company is being established to facilitate home ownership at affordable financing options.
According to estimates, the demand for new housing in the country is 150,000 units per year over the next 10 years. Mortgages currently make up only 1 percent of bank assets, underscoring a large funding gap for home financing in Saudi Arabia.
ICD and PIF have finalized the company's formation committee to prepare documents, design action plan and formulate internal regulations in cooperation with Capitals Group International (CGI), the manager of the new company.
Over a period of time, representatives of parties subscribing to the new company's capital will join the formation committee. The company's official launch is scheduled this year.
The mortgage company will open three main branches in Jeddah, Riyadh, and Dammam.
In November 2008, the Saudi Home Loans company (SHL), an Islamic mortgage lender, said that only 30% of Saudi nationals owned their homes, although official estimates tend to be higher.
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment