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Saudi to include more citizens in housing services

Xinhua, May 3, 2017 Adjust font size:

Saudi Real Estate Development Fund announced on Wednesday that locals with monthly salary of no more than 3700 U.S. dollars will get interest-free mortgage loans, Sabq online news reported.

The fund confirmed in its official tweeter account that the interests will be covered by the fund, to include more Saudis in the housing services.

The move came after Saudi Arabia reinstated allowances for civil servants and military personnel in April, after a drop in oil prices forced the kingdom to curb the spending.

Analysts said the lastest moves indicate that Saudi Arabia is recovering from its financial difficulties caused by dropping oil prices in the international market in 2015 and 2016. Enditem