Saudi Arabia's central bank plans to launch a real estate refinancing company with 5 billion riyals ($1.3 billion) of capital to help develop the kingdom's mortgage market, local media quoted its governor as saying.
The company will be launched through the Saudi government's Public Investment Fund (PIF) or its subsidiaries, local daily Iqtissadeya cited Saudi Arabian Monetary Agency Governor Fahad al-Mubarak as saying.
The PIF was established in 1971 to provide financing support to important development projects that cannot be implemented by the private sector alone.
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