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Sidra expects Saudi mortgage lending by 2013
- Saudi Arabia: Thursday, September 27 - 2012 at 09:47
Saudi investment bank Sidra Capital has said its housing mortgage firm is expected to commence operations by 2013, targeting families interested in more affordable housing outlying the kingdom's cities, Zawya Dow Jones has reported. The Public Investment Fund is taking a 15% stake in the mortgage company, Sidra chief executive, Hani Baothman, said. Canada Mortgage and Housing Corp will serve as technical partner, he said. The Saudi central bank is expected to release the completed mortgage legislation this autumn, after its approval by the council of ministers in early July.
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