Riyadh to convert state housing fund into bank
Dubai
SAUDI Arabia plans to convert a state-owned housing fund into a bank, the latest in a string of reforms to the economic policy apparatus announced since King Salman took the throne in January, as it struggles to address a shortage of affordable housing.
After its conversion, the Real Estate Development Fund will offer financing in cooperation with the private sector, the fund said in a statement on Sunday. The al-Riyadh newspaper quoted fund director Yusuf Zughaibi as saying it wou…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Apple to invest US$250 million into expanding Ang Mo Kio campus
High Court dismisses Chinese businessman’s claims against Huttons and agent in misrepresentation suit
US 30-year mortgage rate rises to a four-month high of 7.13%
US homebuilding retreats as housing recovery stalls
China Vanke seeks to sell 21.4% stake in logistics operator GLP
Fannie Mae’s new mortgage-scoring system aims to lift MBS demand