KSA plans to establish two companies to boost housing sector
Firms will be managed by the Ministry of Housing or the Saudi Arabian Monetary Agency
The Saudi Cabinet is planning to set up two companies tasked with boosting the growth of the country’s housing sector.
To be managed by the Ministry of Housing or the Saudi Arabian Monetary Agency (SAMA), the first firm will be responsible for facilitating personal housing loans to citizens with the participation of local banks, investors and the private sector.
The second company will be a contracting firm with a capital of over $266m. The government will contribute 51% of the capital, while the remaining shares are to be offered to the public.
The joint stock company, which is planned to be operational two years after its establishment within one year, would issue 10-year bonds to the private sector within three years.
