Upon the recommendation of the Council of Economic and Development Affairs, the Council of Ministers approved at its meeting held yesterday that the Minister of Housing serve as Chairman of the Board of Directors of the Saudi Real Estate Refinancing Company for one term only .

The new company aims to invest up to 50 billion riyals in the housing sector over the next five years. Last December, Housing Minister Majed Al-Hogail announced the establishment of the Saudi Refinancing Company, which is 100% owned by the Public Investment Fund%..