Housing loans issued by banks to individuals amounted to more than 125 billion riyals by the end of the first quarter of this year, explained Dr. Ahmed Al-Khulaifi, Governor of the Saudi Arabian Monetary Agency (SAMA). The role of Saudi banks in the housing sector and urban development, and pointed out that they have become a major contributor and an effective partner in pushing the wheel of development.
This came on the sidelines of the SAMA conference. This came on the sidelines of the handover ceremony of 100 residential villas being provided to needy families under the umbrella of Samba's community initiative to provide 500 fully furnished housing units to needy families, under the patronage of the Governor of the Monetary Authority and Majid Al-Hogail, Minister of Housing.
He explained that the entry of banks in partnership with the Ministry of Housing and the Real Estate Development Fund in a package of programs aimed at expanding the base of home ownership in the Kingdom aims to accelerate the pace of obtaining the necessary financing according to easy terms and requirements.
He explained. “Social activity has always been parallel to banking in Saudi Arabia and has never been separated from it, from financing infrastructure projects to financing commercial activity, providing support for health centers, localizing jobs and qualifying national cadres, in addition to pastoral and charitable activity.”
He said that “social activity has always been parallel to banking in Saudi Arabia and has never been separated from it, starting from the activity of financing infrastructure projects through financing commercial activity, providing support for health centers, localizing jobs and qualifying national cadres. ”Out of loyalty to the homeland and the desire to create added social values and contribute to the process of sustainable development, we still aspire to provide more social initiatives from all banks and companies.“
Majid Al-Haqq said. For his part, Majid Al Haqeel, Minister of Housing, explained that the ministry aims through these programs to re-establish developmental housing so that it is sustainable and managed in a way that serves the citizen.
