BUSINESS |Saudi Real Estate Refinance Co Sign 3 Billion Riyals Deal With Pension Agency

RIYADH | SAUDI ARABIA – Saudi Real Estate Refinance Co (SRC), the Saudi equivalent of U.S. mortgage  finance business Fannie Mae, said on Sunday it has agreed to buy a mortgage portfolio worth over 3  billion riyals ($799.8 million) from the Saudi Public Pension Agency (PPA).

‘The deal provides liquidity to the real estate financing market, which in turn is expected to bring lower prices and increase the number of mortgage originations – leading to SRC’s goal of improving homeownership rates in the Kingdom’, Fabrice Susini, CEO of SRC, Said in a statement.

SRC, a wholly – owned subsidiary of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, works with developers and local banks to counter a shortage of affordable housing by injecting liquidity into the real estate market.

Among the goals of the Vision 2030 reform programme promoted by Crown Prince Mohammed Bin Salman, the kingdom aims to increase home ownership to 70% by 2030.

‘This agreement will help the liquidity in the market and help us provide more mortgages to people to buy homes’, said Mohammed Al Nahhas, governor of PPA.

The deal comes amid a severe downturn in the Saudi economy battered by the coronavirus crisis and lower oil prices.

SRC’s CEO told Reuters in April he expected only a temporary slowdown in the Saudi mortgages market caused by measures to contain the spread of the virus.


NEWS ALERT | In U.N. Debut, Saudi King Calls For Comprehensive Solution On Iran

NEW YORK  – Saudi Arabia’s King Salman bin Abudlaziz on Wednesday called for a comprehensive solution on Iran and disarming its affiliate Hezbollah in Lebanon, and expressed support for U.S. efforts to start talks between Israel and the Palestinians during his first address to the United Nations General Assembly. He said Iran has exploited a … Continue reading NEWS ALERT | In U.N. Debut, Saudi King Calls For Comprehensive Solution On Iran

ARTS & CULTURE & ENTERTAINMENT | Jeddah Host The Red Sea Museum

The Saudi Ministry of Culture announced the establishment of the Red Sea Museum, which will open its doors in 2020, in Bab Al Banat in the Historic Jeddah. The ministry says the museum will include manuscripts, photos, and books, which tell the story of the Bab al-Bunt’s heritage and demonstrate its role as a historical … Continue reading ARTS & CULTURE & ENTERTAINMENT | Jeddah Host The Red Sea Museum

NEWS | Saudi Deputy Defense Minister Hopes Peace Is Restored In Yemen Based On Riyadh Agreement

RIYADH | SAUDI ARABIA – Saudi Deputy Defense Minister Prince Khalid bin Salman said Tuesday that the Kingdom is looking forward to the establishment  of ‘comprehensive and lasting peace in Yemen through the implementation of the Riyadh Agreement’. On the occasion of the International Day of Peace, he said: ‘We look forward to the day … Continue reading NEWS | Saudi Deputy Defense Minister Hopes Peace Is Restored In Yemen Based On Riyadh Agreement

ARTS & CULTURE & ENTERTAINMENT | The New Digital – Art Museum Is Coming To Saudi Arabia

Saudi Arabia’s Ministry of Culture has announced a collaboration with international art collective teamLab to create a digital-art museum as part of the Kingdom’s Vision 2030. The museum will be located in Jeddah, and is set to be called TeamLab Borderless Jeddah and will open in 2023. The 10 – year collaboration agreement between Saudi … Continue reading ARTS & CULTURE & ENTERTAINMENT | The New Digital – Art Museum Is Coming To Saudi Arabia

FASHION | Billy Porter’s 2020 Emmys Ensemble Was Custom – Made By This Saudi Label

Billy Porter is known for his unapologetic style and statement red carpet looks. Despite this year’s Emmy Awards being held digitally, porter didn’t hold back from bringing his show-stopping outfits to the event, wearing a custom-made ensemble by Saudi label, Ashi Studio. The actor, who was nominated for the award for outstanding lead actor in … Continue reading FASHION | Billy Porter’s 2020 Emmys Ensemble Was Custom – Made By This Saudi Label

NEWS | Bahrain Says Foiled ‘Terrorist Attack’ Backed By Iran In Early 2020

Bahrain’s interior ministry said on Sunday it had foiled a ‘terrorist attack’ early this year that was backed by Iran’s Islamic Revolutionary Guard Corps. The statement confirmed earlier media reports about an alleged planned attack and added a timeframe. Earlier on Sunday Saudi state television Al-Ekhbariya and Bahraini newspaper Akhbar Al-Khaleej reported that interior ministry … Continue reading NEWS | Bahrain Says Foiled ‘Terrorist Attack’ Backed By Iran In Early 2020

BUSINESS | LVMH Submit Disputed Tiffany Takeover For EU Clearance

PARIS | FRANCE – LVMH said on Friday it had submitted its troubled takeover of Tiffany, which is now at the centre of  a legal dispute between the two groups, for EU approval as it seeks to counter accusations that it deliberately stalled antitrust proceedings. The French group’s $16 billion acquisition of the U.S. jeweler … Continue reading BUSINESS | LVMH Submit Disputed Tiffany Takeover For EU Clearance

TRAVEL | What You Need To Know About Travel Guidelines In Saudi Arabia

The Saudi General Authority of Civil Aviation (GACA) has released its updated traveler’s guide, which accommodates the ongoing pandemic after approving international travel for some exceptional cases. The new regulations entail that non – Saudis who are entering the Kingdom must provide a medical report of their coronavirus disease (COVID-19) test and its negative results, … Continue reading TRAVEL | What You Need To Know About Travel Guidelines In Saudi Arabia

WORLD NEWS | Trump Awards Kuwaiti Emir ‘Prestigious’ Decoration, White House Says

WASHINGTON – U.S. President Donald Trump awarded the U.S. Legion of Merit, Degree Chief Commander, to Kuwaiti Emir Sheikh Sabah al-Ahmed al-Sabah, the White House said in a statement on Friday, adding that it was the first time the honor had been given since 1991. The 91-year-old emir arrived in the United States in July … Continue reading WORLD NEWS | Trump Awards Kuwaiti Emir ‘Prestigious’ Decoration, White House Says

BREAKING NEWS | Saudi – Led Coalition Says Intercepts Drone, Houthis Say Abha Airport Hit

MILAN | ITALY – A Saudi-led coalition fighting in Yemen said on Thursday it had intercepted and destroyed an explosive drone launched towards the kingdom as Yemen’s Houthi group said it had it a target at Saudi Arabia’s Abha airport. In a statement published by Saudi state news agency SPA, a spokesman for the coalition … Continue reading BREAKING NEWS | Saudi – Led Coalition Says Intercepts Drone, Houthis Say Abha Airport Hit

Loading…

Something went wrong. Please refresh the page and/or try again.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s