Interest rate hike in Saudi Arabia not to impact mortgage financing significantly: exec

26/09/2022 Argaam
Nowfal Al Salamah, CEO of the Housing Program

Nowfal Al Salamah, CEO of the Housing Program

The interest rate hike by the Saudi Central Bank (SAMA) will not have a significant impact on the mortgage financing sector, Saudi Press Agency reported, citing Nowfal Al Salamah, CEO of the Housing Program.

 

He added that some measures and initiatives will be taken to help reduce the negative effects of interest hike.

 

These initiatives include developing a system for the financing sector and establishing the Saudi Refinancing Company, in addition to the integration between the Real Estate Development Fund and the financing sector, Al Salamah said.

 

He indicated that these measures will help mitigate the impact and protect the sector from any pressures. In addition, they will contribute to offering more housing units at affordable prices for beneficiaries.

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