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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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Saudi Energy Minister: Petroleum and Petrochemical Law Guarantees Fair Competition for Investors

Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
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Saudi Energy Minister: Petroleum and Petrochemical Law Guarantees Fair Competition for Investors

Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)

Shortly after the Saudi Cabinet approved the Petroleum and Petrochemical Law, Energy Minister Prince Abdulaziz bin Salman said on Tuesday the regulation aims to achieve a set of goals, mainly regulating petroleum and petrochemical operations, in a manner that contributes to economic growth.

The law also backs efforts to attract investments, elevates employment rates, upgrades energy efficiency, safeguards consumers and licensees, while ensuring product quality and creating a competitive environment that fuels fair economic yields for investors, the Minister said.

Prince Abdulaziz expressed his gratitude to Custodian of the Two Holy Mosques, King Salman bin Abdulaziz and Prince Mohammed bin Salman, Crown Prince and Prime Minister, for the Cabinet’s decision to approve the new law.

He praised the Saudi leadership for its support and empowerment of the energy sector, and its contribution in boosting the sector’s productivity to achieve the targets of Vision 2030.

The new law helps in building the local energy sector’s legislative framework, Prince Abdulaziz went on to say.

“This is accomplished by leveraging the top-tier international practices, boosting performance, achieving national objectives, and ensuring the optimal use of petroleum and petrochemical resources,” he said.

The new law, replacing the Petroleum Products Trade Law, helps ensure the security and reliability of local petroleum and petrochemical supplies, the minister explained.

This is on top of achieving optimal utilization of raw materials, supporting the localization of the industry’s value chain, enabling national strategies and plans, and enhancing the control and supervision of petroleum and petrochemical operations to step up compliance with laws and regulations, he added.

The new law combats practice violations by regulating the activities of use, sale, purchase, transportation, storage, export, import, packaging, and processing of these resources.

It also regulates the establishment and operation of distribution channels and petrochemical facilities, said Prince Abdulaziz.