Capitas starting mortgage firm in Saudi

by -
1759

Saudi Arabia is launching a joint private and public sector operation to regulate mortgages in the country.  There is no clear system for doing so currently, which prevents most foreign and domestic lenders from underwriting mortgages for residents.  A new company launched by Capitas Group Corp, a subsidiary of the Islamic Corporation for the Development of the Private Sector, hopes to fill this void in the market.

The new Capitas mortgage company will receive an initial $27 million from the ICD, with a matching amount from the Saudi Public Investment fund.  The goal is for the two sectors to split the burden 50/50.  Saudi is experiencing unparalleled growth, and the housing industry will need to accommodate the needs of residents and ex-pats as the population continues to increase.  Laws defining mortgages and property ownership are expected within this year,  and Capitas hopes to launch its new company in 2012.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

Saudi Arabia is launching a joint private and public sector operation to regulate mortgages in the country.  There is no clear system for doing so currently, which prevents most foreign and domestic lenders from underwriting mortgages for residents.  A new company launched by Capitas Group Corp, a subsidiary of the Islamic Corporation for the Development of the Private Sector, hopes to fill this void in the market. The new Capitas mortgage company will receive an initial $27 million from the ICD, with a matching amount from the Saudi Public Investment fund.  The goal is for the two sectors to split...

Saudi Arabia is launching a joint private and public sector operation to regulate mortgages in the country.  There is no clear system for doing so currently, which prevents most foreign and domestic lenders from underwriting mortgages for residents.  A new company launched by Capitas Group Corp, a subsidiary of the Islamic Corporation for the Development of the Private Sector, hopes to fill this void in the market.

The new Capitas mortgage company will receive an initial $27 million from the ICD, with a matching amount from the Saudi Public Investment fund.  The goal is for the two sectors to split the burden 50/50.  Saudi is experiencing unparalleled growth, and the housing industry will need to accommodate the needs of residents and ex-pats as the population continues to increase.  Laws defining mortgages and property ownership are expected within this year,  and Capitas hopes to launch its new company in 2012.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

NO COMMENTS

Leave a Reply