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Saudis housing loan applicants topped allocated budget

Abdullah Al-Ahmari, chairman of the real estate evaluation committee at Saudi Arabia's Jeddah Chamber of Commerce and Industry has said the kingdom needs more than three million new housing units to meet the demand of its low-income citizens, Arab News has reported. "This is in addition to the 700,000 who had applied before at the Real Estate Development Fund," Al-Ahmari added. "The number of applicants exceeds the allocated budget, as they would require SR1.5trn to be covered. That's why the finalised mechanism was made to work on having the existing budget go to those most deserving, being at the top of the list, regardless of the date of the application."