Housing Minister Majed Al-Hogail announced the upcoming establishment of the Saudi Refinancing Company, which aims to provide approximately 50 billion riyals in financing over the next five years in the housing sector.

During the Sukuk Conference organized yesterday by the Capital Market Authority in cooperation with the World Bank, Al-Hogail emphasized that stimulating investment and deepening financing are the essential conditions needed for the growth of the housing sector. He noted that the ministry aims to build 1.5 million housing units, which represents the actual demand for housing in the coming period and requires significant financing, pointing out that the banking sector’s financing volume currently stands at only 108 billion, and that 200,000 housing units have been financed. To achieve our goals, we need to develop a very deep debt market and grow the financing sector to 250 billion over the next seven years