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|14 March, 2018

Saudi housing ministry targets boosting property financing by 2020

The ministry aims to raise real estate financing to $133.9 billion by 2020, says minister.

Image used for illustrative purpose. A view shows the construction of the King Abdullah Financial District in Riyadh, Saudi Arabia May 12, 2016.

Image used for illustrative purpose. A view shows the construction of the King Abdullah Financial District in Riyadh, Saudi Arabia May 12, 2016.

REUTERS/Faisal Al Nasser

RIYADH- Saudi Arabia's housing ministry aims to raise real estate financing to 502 billion riyals ($133.9 billion) by 2020 from 290 billion riyals now, the kingdom's housing minister said on Wednesday.

"We are working to facilitate access to finance so that Saudi citizens' chances to obtain it is fivefold what was in the past," Majed al-Hogail said at a housing conference.

The Saudi government wants to increase activity in the real estate market as it moves to revitalise the economy and is taking steps to reform the sector as part of its 2030 strategic plan.

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($1 = 3.7503 riyals) (Reporting by Marwa Rashad, Writing by Saeed Azhar; Editing by Tom Arnold)

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