Saudi Arabia’s Housing Ministry inks deal to develop property market

Saudi Arabia’s Housing Ministry signed a deal with Social Development Bank to finance entrepreneurs who want to work in real estate brokerage.

Under the terms of the agreement, the bank will provide products to small enterprises to help them take advantage of opportunities in the property sector.

The agreement was signed by Mazen Bin Mohamed Daood, superintendent of real estate planning at the ministry, and Saeed Bin Saleh Al-Zahrani, assistant general manager of the microfinance sector at the Social Development Bank.

As per the agreement, the bank will provide financial support of up to SR300,000 ($80,000) to real estate projects nominated by the ministry, in addition to training people to run real estate brokerage facilities.