Advisers to Saudi Arabia’s king approved a long-delayed overhaul of the country’s mortgage law after the monarch pledged more than $82 billion to fund homebuilding, as governments across the Middle East offer concessions to quell political unrest.
The Shura Council agreed on its final amendments to the law and passed it to King Abdullah Bin Abdulaziz for final approval, according to Saad Mariq, deputy chairman of the council’s finance committee.
“The law will propel the creation of private mortgage- finance companies and banks will infuse a lot of money into mortgages,” Mariq said in a telephone interview on April 5. “I expect to see the injection of tens of billions of riyals into the sector as a result.”
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