Moody's says Saudi Arabia is likely to narrow its fiscal deficit this year. Waseem Obaidi/The National
Moody's says Saudi Arabia is likely to narrow its fiscal deficit this year. Waseem Obaidi/The National

Saudi Arabia introduces measures to bolster mortgage financing



Saudi Arabia's central bank revealed new mortgage measures aimed at galvanising the housing market as the kingdom embarks on boosting affordable homes for its citizens.

The Saudi Arabian Monetary Authority (Sama) said on Twitter that mortgage holders will be exempt from paying administrative fees when they switch  between floating loan rate to fixed loan rates.

Mortgage holders can also move from one mortgage lender to another at no extra cost.

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Faced with a housing shortage, Saudi Arabia is undertaking a slew of measures to help provide homes to its citizens as part of its National Transformation Program 2020, which aims to increase the percentage of Saudi home ownership from 47 per cent to 52 per cent.

The programme envisages increasing the percentage of real estate financing to non-oil GDP to 15 per cent from 8 per cent.

The plan also sets a goal of tripling the percentage of residential units developed by approved real estate developers to 30 per cent by 2020.

Sama also said in January it would allow mortgage finance companies to provide more funding to home purchases by raising the maximum loan-to-value ratio for home financing from 70 per cent to 85 per cent for citizens' first home ownership only. The bank licensed a national home finance company, Bidaya and introduced an affordable mortgage programme in conjunction with the ministry of finance. The government also approved a 2.5 per cent "white land tax" to prod land owners to develop idle plots for residential use rather than hold on to their undeveloped properties.

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Who has won major titles since Wimbledon 2003 when Roger Federer won his first grand slam

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Rafael Nadal 16 (10 French Open, 3 US Open, 2 Wimbledon, 1 Australian Open)

Novak Djokovic 12 (6 Australian Open, 3 Wimbledon, 2 US Open, 1 French Open)

Andy Murray 3 (2 Wimbledon, 1 US Open)

Stan Wawrinka 3 (1 Australian Open, 1 French Open, 1 US Open)

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Gaston Gaudio 1 (1 French Open)

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3pm: 49kg female: Mayssa Bastos (BRA) v Thamires Aquino (BRA)
3.07pm: 56kg male: Hiago George (BRA) v Carlos Alberto da Silva (BRA)
3.14pm: 55kg female: Amal Amjahid (BEL) v Bianca Basilio (BRA)
3.21pm: 62kg male: Gabriel de Sousa (BRA) v Joao Miyao (BRA)
3.28pm: 62kg female: Beatriz Mesquita (BRA) v Ffion Davies (GBR)
3.35pm: 69kg male: Isaac Doederlein (BRA) v Paulo Miyao (BRA)
3.42pm: 70kg female: Thamara Silva (BRA) v Alessandra Moss (AUS)
3.49pm: 77kg male: Oliver Lovell (GBR) v Tommy Langarkar (NOR)
3.56pm: 85kg male: Faisal Al Ketbi (UAE) v Rudson Mateus Teles (BRA)
4.03pm: 90kg female: Claire-France Thevenon (FRA) v Gabreili Passanha (BRA)
4.10pm: 94kg male: Adam Wardzinski (POL) v Kaynan Duarte (BRA)
4.17pm: 110kg male: Yahia Mansoor Al Hammadi (UAE) v Joao Rocha (BRA

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2pm: Maiden (TB) Dh60,000 (Dirt) 1,200m, Winner: Mouheeb, Tom Marquand (jockey), Nicholas Bachalard (trainer)

2.30pm: Handicap (TB) Dh68,000 (D) 1,200m, Winner: Honourable Justice, Royston Ffrench, Salem bin Ghadayer

3pm: Handicap (TB) Dh84,000 (D) 1,200m, Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi

3.30pm: Conditions (TB) Dh100,000 (D) 1,200m, Winner: Dark Silver, Fernando Jara, Ahmad bin Harmash

4pm: Maiden (TB) Dh60,000 (D) 1,600m, Winner: Dark Of Night. Antonio Fresu, Al Muhairi.

4.30pm: Handicap (TB) Dh68,000 (D) 1,600m, Winner: Habah, Pat Dobbs, Doug Watson

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Company profile

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Started: January 2019
Founder: Nadim Alameddine
Based: Dubai, UAE
Industry:
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