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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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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)

Egypt's current account deficit narrowed to $2.1 billion in January to March 2025 from $7.5 billion in the same period a year earlier, the central bank said on Tuesday.

The central bank attributed the slimmer deficit to the increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to higher tourism revenue.

Oil exports declined to $1.2 billion, from $1.4 in the year earlier, while imports of oil products rose to $4.8 from $3.4 billion.

Egypt has sought to import more fuel oil and liquefied natural gas this year to meet its power demands after disruptions to gas supply led to blackouts over the last two years.

Concerns over supplies increased after the pipeline supply of natural gas from Israel to Egypt decreased during Israel’s air war with Iran last month.

Revenues from the Suez Canal, declined to $0.8 billion in the third quarter of the country’s financial year, from $1 billion the same time a year ago, as Yemeni Houthis' attacks on ships in the Red Sea continued to cause disruption.

The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza.

Meanwhile, Egypt’s tourism revenues reached $3.8 billion, compared to $3.1 billion in the same period in 2023/24.

Remittances from Egyptians working abroad increased to $9.3 billion, from $5.1 billion. The increase in remittances has helped to reduce the wider trade deficit.

Foreign direct investment hit $3.8 billion, compared to $18.2 billion in the same quarter a year before.

Egypt has suffered an economic crisis exacerbated by a foreign currency shortage, which forced it to undergo economic reforms under an $8 billion IMF program that included allowing its pound to depreciate sharply last year.