Feb 09 2010 |
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PIF to pay 20% of firm's capital
JEDDAH: The Public Investment Fund (PIF) has issued its approval to contribute 20 percent of the new home finance company's total capital of SR2 billion. This represents the single largest investment in a mortgage company in the history of PIF.The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group, is currently attracting founding sponsors for the new home financing company and is scheduled to close remaining investment by February-end.
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