Saudi Press

Saudi Arabia and the world
Friday, Sep 05, 2025

Saudi banks’ mortgages jump to $170bn in Q2: Housing Minister

Saudi banks’ mortgages jump to $170bn in Q2: Housing Minister

Mortgage loans provided to retail and corporate clients by Saudi Arabia’s commercial banks jumped in the second quarter to SR638 billion ($170 billion) from SR211 billion in 2017, said Majid Al-Hogail, the Kingdom’s housing minister.
Speaking at the Euromoney Saudi Arabia Conference in Riyadh on Sept. 7, he said that his ministry is trying to push the Kingdom to the top of the world in terms of mortgage contribution to the gross domestic product.

“I am happy that the mortgage quantitative numbers jumped from SR211 billion in 2017 to SR638 billion now. We are trying to bring Saudi top of the world in terms of the mortgage contribution to GDP,” he said.

He added: “Mortgage housing makes governments less involved, but we continue smartly by providing for the needs of Saudi beneficiaries.”

The minister noted that the Saudi Real Estate Refinance Co. will play a crucial role in ensuring liquidity and transparency in the Kingdom’s real estate sector.

“SRC was established in 2017, and we had to build its credibility. We wanted to make sure to get rated big by rating agencies like Moody’s. We are now going international. We expect it in the first half of 2023 to become global, and we are currently working closely with the Finance Ministry,” he further said.

Earlier in September, SRC’s assets hit SR20 billion after it completed a deal with Alinma Bank to acquire one of its real estate financing portfolios.

The minister added that the COVID-19 pandemic negatively affected the real estate sector in Saudi Arabia due to supply chain challenges. He, however, made it clear that the Kingdom tackled the supply chain issues effectively.

COVID-19 supply chain challenges impacted Saudi Arabia and the globe. But, the government ensured that Saudi Arabia received materials faster than any other country as there are lots of agreements locally and internationally,” said Al-Hogail.

He added: “We do not have a significant delay in projects, but that is a challenge we continue working on.”

The Vision 2030 housing program witnessed a significant increase over the past four years from 47 percent to 60 percent, according to the Ministry of Housing.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Tether Expands into Gold Sector with Profit-Driven Diversification
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
×