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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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Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
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Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold prices rebounded on Thursday as investors bought bullion following a sharp decline in the previous session, while focus still remained on US-China trade tensions.
Spot gold was up 1.6% to $3,340.79 an ounce, as of 0907 GMT, Reuters reported. Bullion lost over 3% on Wednesday, in its worst daily performance since late November.
US gold futures gained 1.8% to $3,352.10.
"Gold's pullback earlier has cleared some of the froth from its latest surge. That in turn attracted some buy-the-dip action, amid still-persistent global trade war fears," said Han Tan, Exinity Group's chief market analyst.
"Given the still-evident tailwinds for this precious metal, gold bugs could ultimately conquer the $3,500 level with conviction."
Non-yielding bullion, traditionally seen as a hedge against global instability, has risen over 27% so far this year.
The International Monetary Fund made sharp reductions to its outlook for both US and global growth this year, with President Donald Trump's tariff policy the central reason behind the downgrade.
"If the economic outlook deteriorates further, then there's no reason why gold could not receive another strong bid," said Ole Hansen, head of commodity strategy at Saxo Bank.
However, US Treasury Secretary Scott Bessent said the US economic growth will surpass the IMF's revised estimate of 1.8%, down from 2.7% in January, if Trump administration's policies are implemented.
He also said that the excessively high tariffs between the US and China are unsustainable, and must be reduced before trade negotiations can proceed.
Supporting gold, the US dollar eased, making the greenback-priced bullion cheaper for overseas buyers.
Spot silver fell 0.5% to $33.37 an ounce, platinum was steady at $973.25 and palladium was down 0.6% to $939.53.