عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

Saudi Arabia Adopts Advanced Technologies for Road Sustainability, Logistics Efficiency

The acting CEO of the Saudi Roads Authority speaking to the audience during a panel discussion (Asharq Al-Awsat)
The acting CEO of the Saudi Roads Authority speaking to the audience during a panel discussion (Asharq Al-Awsat)
TT
TT

Saudi Arabia Adopts Advanced Technologies for Road Sustainability, Logistics Efficiency

The acting CEO of the Saudi Roads Authority speaking to the audience during a panel discussion (Asharq Al-Awsat)
The acting CEO of the Saudi Roads Authority speaking to the audience during a panel discussion (Asharq Al-Awsat)

Badr Al-Dulami, CEO of the Saudi General Authority for Roads, announced that advanced technologies are being used to recycle road layers in Saudi Arabia. This has sped up maintenance by 40%, improved cost efficiency, and helped protect the environment.

Speaking at the “Supply Chain Conference” in Riyadh, Al-Dulami said Saudi Arabia's road network exceeds 500,000 kilometers, making it the top country in connectivity and the fourth-best in road quality among the G20 nations.

Al-Dulami also noted that the “Saudi Road Code” is designed to keep up with future changes, including performance-based maintenance contracts.

He highlighted key projects, such as the opening of the Eastern Interchange in Riyadh to reduce traffic and redirect trucks, and the Second Ring Road in Jeddah, which moves trucks outside the city to improve logistics flow.

Al-Dulami emphasized that safety, quality, and sustainability are key to transportation strategies, with a safe and high-quality road network being essential for a successful logistics system.

He also mentioned that the transportation and logistics strategy now focuses on these key areas. To support the growing demand, the authority introduced a system for issuing permits for transporting heavy loads.

Ahmed Al-Hassan, Assistant Minister of Transport and Logistics Services, highlighted that the ministry is focused on strategies to connect Saudi Arabia globally and increase its competitiveness, with a special emphasis on developing local talent to support Vision 2030.

On the second day of the conference, global experts gathered to discuss best practices for improving supply chain efficiency.

Mansour Al-Qahtani, from the Saudi Electricity Company, pointed out the role of artificial intelligence in improving data security and helping companies manage potential threats, boosting overall sector efficiency.