Saudi fund stops chasing debts owed by dead

By Construction Week
  • Wednesday, 19 December 2012 4:06 PM
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Saudi Arabia's Real Estate Development Fund has exempted 1,617 dead people from loans worth SAR270m (US$73.5m).

According the Saudi Press Agency, the fund's director-general said that the exemption had been granted following an order from King Abdullah.

Earlier this week, the Real Estate Development Fund also distributed 3,000 different plots of land in the Hail province in a bid to alleviate a housing shortage in the area.

Hail is the first area in the Kingdom to benefit from a joint initiative between REDF and the Ministry of Municipal and Rural Affairs to match land plots to customers who have been pre-approved for REDF loans.

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