Saudi home lending is growing at its fastest pace in four years as the government pumps US$67 billion (Dh246.08bn) into the construction of 500,000 new homes across the kingdom.
Property financing soared 83 per cent to about 48bn riyals (Dh47.01bn) during the second quarter, compared with a year earlier, according to central bank data.
The housing market has emerged as a big beneficiary of a massive infrastructure programme aimed at reducing unemployment in Saudi Arabia, where about 40 per cent of 16 to 24-year-olds do not have a job.
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