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Saudi Arabia May Set Up Housing Bank, Al Sharq Reports

May 1 (Bloomberg) -- Saudi Arabia may establish a bank to provide finance for housing, Al Sharq reported, citing Adnan Ghosheh, the executive director of national housing strategy at the Housing Ministry.

The Real Estate Development Fund has received 2.3 million applications for loans, the newspaper said, citing Mohammed al-Abadani, the fund’s director.

To contact the reporter on this story: Glen Carey in Riyadh at gcarey8@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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