Saudi State Fund Approves Home Loans Valued at $1.5 Billion

Saudi Arabia’s state-run Real Estate Development Fund approved 11,000 loans valued at 5.6 billion riyals ($1.5 billion) to build 13,000 homes, the Saudi Press Agency reported, citing the fund’s director, Mohammed Al- Abadani.

The loans are the first tranche of loans approved in fiscal 2012, it said.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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