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Thu 17 Jul 2014 11:35 AM

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Saudi writes off $64.7m owed by 1,158 deceased citizens

Move is in line with an order issued by King Abdullah

Saudi writes off $64.7m owed by 1,158 deceased citizens
Saudi money, Saudi currency, Saudi economy, Saudi finance, GCC currencies

A Saudi development fund has written off just over SAR243 million ($64.7 million) in debt owed to it by 1,158 deceased citizens.

The Real Estate Development Fund (REDF) has completed the procedures to write off the debt in line with an order issued by the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud, Saudi Press Agency reported.

The fund exempted the deceased borrowers after details and relevant data was supplied by families and relatives.

The REDF ended proceedings to claim back full payment of outstanding loan repayments for 1,158 deceased after details and relevant data on the loans taken out was supplied by families and relatives.

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