KSA’s Bidaya to commence operations by end-2014
Saudi Arabia’s national home finance firm, Bidaya, may open its doors by the end of this year, as part of efforts to raise low levels of home ownership in the country, Reuters has reported. In development since 2010, the company is a venture between the finance ministry’s Public Investment Fund and the Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD), a unit of the Islamic Development Bank. Bidaya will submit an application for a licence as soon as regulations under the kingdom’s mortgage laws are finalized, ICD chief executive, Khaled al-Aboodi, told the news service. “Practically, we are planning to have the company operational by the end of 2014,” he said.