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SAMA: Government Housing Subsidies Not to Be Calculated in Customers’ Income

The Saudi Minister of Municipal and Rural Affairs witnesses the conclusion of a new cooperation agreement in refinancing (Asharq Al-Awsat)
The Saudi Minister of Municipal and Rural Affairs witnesses the conclusion of a new cooperation agreement in refinancing (Asharq Al-Awsat)
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SAMA: Government Housing Subsidies Not to Be Calculated in Customers’ Income

The Saudi Minister of Municipal and Rural Affairs witnesses the conclusion of a new cooperation agreement in refinancing (Asharq Al-Awsat)
The Saudi Minister of Municipal and Rural Affairs witnesses the conclusion of a new cooperation agreement in refinancing (Asharq Al-Awsat)

The Saudi Real Estate Refinance Co. (SRC), a wholly-owned subsidiary of the Public Investment Fund (PIF), signed a joint cooperation agreement with Alinma Bank to acquire a real estate financing portfolio.

The agreement falls within the company’s continuous efforts to support the residential real estate market in the Kingdom, by expanding the acquisition of real estate financing portfolios and providing the necessary liquidity to ensure financial stability in the market.

The agreement was jointly signed by the company’s CEO, Fabrice Susini, and Alinma Bank CEO, Abdullah bin Ali Al-Khalifa.

Susini said the agreement was part of the company’s ongoing efforts to expand its partnerships with real estate financiers in the Kingdom.

Meanwhile, SAMA told all banks and financial institutions operating in the Kingdom that subsidies provided by government agencies to clients should not be classified within the customer’s total monthly income.

According to information obtained by Asharq Al-Awsat, SAMA notified financial institutions and banks that the exception to the documented government support provided by the Ministry and the Fund did not include amounts that are not paid periodically within the client’s total monthly income.

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Egypt Strengthens African Ties with Senegal in Maritime Transport Cooperation

Egypt’s Minister of Industry and Transport with Senegal’s Minister of Fisheries, Infrastructure, and Ports (Egyptian Ministry of Transport)
Egypt’s Minister of Industry and Transport with Senegal’s Minister of Fisheries, Infrastructure, and Ports (Egyptian Ministry of Transport)
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Egypt Strengthens African Ties with Senegal in Maritime Transport Cooperation

Egypt’s Minister of Industry and Transport with Senegal’s Minister of Fisheries, Infrastructure, and Ports (Egyptian Ministry of Transport)
Egypt’s Minister of Industry and Transport with Senegal’s Minister of Fisheries, Infrastructure, and Ports (Egyptian Ministry of Transport)

Egypt is intensifying its efforts to strengthen ties with African nations, with the latest development being a cooperation agreement with Senegal in maritime transport, including a new shipping route between Alexandria and Dakar.

Kamel El-Wazir, Egypt's Deputy Prime Minister for Industrial Development and Minister of Transport, said that there are many projects planned to improve connections with African countries.

He added that Egypt is fully ready to work with Senegal in all sectors, including transportation—land, sea, rail, dry ports, and logistics.

Egypt reaffirmed its commitment to strengthening ties with Senegal during talks between El-Wazir and Senegal’s Minister of Fisheries, Infrastructure, and Ports, Fatou Diouf, in Cairo on Friday.

The discussions focused on enhancing cooperation in infrastructure, ports, and maritime transport.

El-Wazir highlighted President Abdel Fattah al-Sisi’s call for greater cooperation with African countries and noted that Egypt has many specialized companies ready to help develop and manage ports in Senegal.

The minister also welcomed the proposed shipping route between Alexandria and Dakar, offering to train Senegalese port workers in maritime transport and provide training in railways, subways, electric trains, and land transport.

He also mentioned potential collaboration in dry port development.

Earlier this week, Egyptian Foreign Minister Badr Abdelatty met with his Senegalese counterpart in Cairo.

They discussed the situation in the Sahel, West Africa, and the Horn of Africa, as well as Egypt’s water security. Both ministers also explored ways to boost African cooperation and regional integration.