RIYADH – The Saudi Council of Ministers' approval of the much-awaited mortgage law and the real estate financing system would "absolutely solve housing problems in the Kingdom," said Abdullah Al-Howaish, Managing Director and Executive President of Amlak International Co. for Real Estate Development and Financing – the first ever company for real estate financing in the Kingdom. He said the real estate financing system and mortgage law were deemed to help Saudi citizens have their own houses, noting that the move will would enable individuals and real estate development companies to secure "easy financing resources for the companies to meet domestic demand for houses under to easy financing solutions. "The long-awaited law would radically solve the housing problem in the Kingdom especially if we take into account the increasing demand for houses which is estimated at 200,000 residential units yearly," he added. He further said the mortgage law and the supporting legislations constitute the cornerstone for narrowing the huge gap between supply and demand in the Kingdom's real estate market. Moreover, "the law guarantees the rights of the parties involved in the mortgage transaction and also achieves the necessary guarantees for investment in the real estate sector by establishing well-defined rules protecting the creditor, debtor and the guarantor in the process," Al-Howaish explained. Amlak International, he claims, has long experience in the field, and has huge potentials to meet the growing demand for residential units in the market. The company would provide the citizens with easy financing solutions suited to their financia l standing, he added. – SG
