Saudi Arabia: Government steps in with mortgage funding

The government is to spend SR120bn ($32bn) on subsidised home loans for local borrowers as part of a plan to boost home ownership from 50% today to 60% by 2020 and 70% by 2030. Housing minister Majed Alhogail launched the programme on 5 February, drawing together a consortium of 16 government agencies. The plans include a SR18bn loan guarantee system to boost access to funding and SR12.5bn to support deposits on home purchases between now and 2030.