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Saudi Real Estate Development Fund Drops 'First Housing' Down Payment to 5 %

View shows the King Abdullah Financial District, north of Riyadh, Saudi Arabia, May 12, 2016. REUTERS/Faisal Al Nasser
View shows the King Abdullah Financial District, north of Riyadh, Saudi Arabia, May 12, 2016. REUTERS/Faisal Al Nasser
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Saudi Real Estate Development Fund Drops 'First Housing' Down Payment to 5 %

View shows the King Abdullah Financial District, north of Riyadh, Saudi Arabia, May 12, 2016. REUTERS/Faisal Al Nasser
View shows the King Abdullah Financial District, north of Riyadh, Saudi Arabia, May 12, 2016. REUTERS/Faisal Al Nasser

General Supervisor of the Real Estate Development Fund Khalid bin Mohammed Al-Amoudi announced that the down payment for the first housing has been reduced from 10% to 5% to reduce the burden of the advance payment required by the financing parties.

Amoudi addressed challenges in the financing of retirees during the last period, and private sector employees.

Accordingly, appropriate financing solutions were adopted to find new solutions in partnership with banks and finance companies in obtaining mortgage loans by accepting financing from non-corporate entities.

More so, Amoudi announced the launching the “flexible installment” which tunes monthly installments according to the beneficiary’s income so that rates do not exceed 65% of the monthly income after retirement or in the case of a personal loan.

Amoudi stressed the body’s keenness to provide all facilities to beneficiaries and provide suitable financing solutions for all those on the Fund’s waiting lists.

The Saudi Ministry of Housing and Real Estate Development Fund announced its fourth installment of the “Residential” program for year 2018, with a total of 21,840 housing and finance services, distributed throughout the Kingdom.

This year’s programs is set to hit a target of completing 300,000 products, bringing the total of allocated housing support during the first four months to 83,562 residential and financial services.

Housing services provided by the ministry include 7,686 residential units under construction that are up for sale, in partnership with developers. Some 160 units are found in Riyadh and 188 in the Eastern Province.

At least 5,854 land plots are distributed over nine areas including 1,845 land plots in Makkah, 1,484 in Najran, 1,015 in the Asir region, 590 in Jizan, 396 in Al Jouf, 224 in the Eastern Region, 125 in Riyadh, 95 in Al Baha, and 80 in Al-Qassim region.

Financial support programs include 8,300 real estate loans from the Real Estate Development Fund in partnership with banks and financial institutions distributed throughout the Kingdom.

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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices stabilized on Monday after losses last week as lower-than-expected US inflation data offset investors' concerns about a supply surplus next year.

Brent crude futures were down by 38 cents, or 0.52%, to $72.56 a barrel by 1300 GMT. US West Texas Intermediate crude futures were down 34 cents, or 0.49%, to $69.12 per barrel.

Oil prices rose in early trading after data on Friday that showed cooling US inflation helped alleviate investors' concerns after the Federal Reserve interest rate cut last week, IG markets analyst Tony Sycamore said, Reuters reported.

"I think the US Senate passing legislation to end the brief shutdown over the weekend has helped," he added.

But gains were reversed by a stronger US dollar, UBS analyst Giovanni Staunovo told Reuters.

"With the US dollar changing from weaker to stronger, oil prices have given up earlier gains," he said.

The dollar was hovering around two-year highs on Monday morning, after hitting that milestone on Friday.

Brent futures fell by around 2.1% last week, while WTI futures lost 2.6%, on concerns about global economic growth and oil demand after the US central bank signalled caution over further easing of monetary policy. Research from Asia's top refiner Sinopec pointing to China's oil consumption peaking in 2027 also weighed on prices.

Macquarie analysts projected a growing supply surplus for next year, which will hold Brent prices to an average of $70.50 a barrel, down from this year's average of $79.64, they said in a December report.

Concerns about European supply eased on reports the Druzhba pipeline, which sends Russian and Kazakh oil to Hungary, Slovakia, the Czech Republic and Germany, has restarted after halting on Thursday due to technical problems at a Russian pumping station.

US President-elect Donald Trump on Friday urged the European Union to increase US oil and gas imports or face tariffs on the bloc's exports.

Trump also threatened to reassert US control over the Panama Canal on Sunday, accusing Panama of charging excessive rates to use the Central American passage and drawing a sharp rebuke from Panamanian President Jose Raul Mulino.