Saudi loans for construction sector top SR24bn | Saudi loans for construction sector top SR24bn -

Saudi loans for construction sector top SR24bn

Saudi Arabia: Tuesday, January 27 - 2009 @ 16:14

The problem of financing is considered one of the most important challenges facing workers in the real estate sector.

The IDF has granted loans to over 577 construction projects.

The construction and building industry is considered a strategic sector in the national economy. For three decades the fund had worked on supporting the development efforts and market needs at every stage of the national economic development.

The industries which directly support construction sector in the kingdom such as the cement industry, construction materials and steel have received special attention from the fund since it was established, meaning that it has played a major role in the construction boom.

Construction sector integral to boom

The construction and building sector is considered to be one of the most important sectors in the boom witnessed by the national economy since 2003, which has been fuelled by the high level of oil prices.

Despite the variation in activities which are listed within the construction and building sector, the fund has prioritized some, including cement, gypsum, construction steel, ceramic, glass and ready made concrete.

The production of steel and construction materials enjoys the larger share of the fund’s loans to the construction sector, accounting for 37% of the total volume.

Cement came in second place, receiving 35% of the total volume of the fund’s loans.

While other building material products’ (including ceramics, glass and pottery) came in third place with 20% of the total volume of the fund’s loans for this sector.

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Tuesday, January 27- 2009 @ 16:14 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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