Saudi fund stops chasing debts owed by dead

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

Most Discussed
  • 10
    UAE teens among the highest for obesity rates

    Everyone in UAE knows that biggest is best.

    UAE may not light up the international league tables in standard of living, education standards, press... more

    Friday, 29 August 2014 4:20 PM - Proud UAEer
  • 9
    UK politician sacked over burka binbag jibe

    @kingkaiser - exactly! It's a very complex issue and I couldn't agree more. What we also hopefully can all agree on is that no woman should ever be mocked... more

    Friday, 29 August 2014 4:19 PM - Doug
  • 1
    Qatar 'ready to rebuild Gaza'

    Once again my greatest respect for Qatar, and shame on other Arab countries.

    Friday, 29 August 2014 10:53 AM - Ralph Edelman