Skip to content Skip to Search
Skip navigation

Saudi Arabia’s housing loans hit $170bn in Q2 2022

By Pramod Kumar
Creative Commons
In the past four years, home ownership in Saudi Arabia increased from 47% to 60%, driven by the Vision 2030 program.

Mortgage loans to individuals and corporates by commercial banks in Saudi Arabia grew to SAR 638 billion ($170 billion) in Q2 2022, from SAR 211 billion in 2017, Arab News reported, citing Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail.

The ambition is to make the kingdom top the world in the mortgage contribution to the gross domestic product (GDP) ratio, he stated at a conference in Riyadh.

The minister said that the Public Investment Fund-backed Saudi Real Estate Refinance Co. (SRC) will play a vital role in providing liquidity and transparency in the real estate sector.

He revealed that SRC, established in 2017, was set to go global by the first half of 2023, in collaboration with the finance ministry. 

In September, SRC’s assets reached SAR 20 billion following a deal with the Saudi Exchange-listed Alinma Bank to acquire one of its real estate financing portfolios.

In the past four years, home ownership in the Kingdom has increased from 47 percent to 60 percent, driven by the Vision 2030 program, the newspaper said.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]