AlQa'dah 28, 1432, Oct 26, 2011, SPA - Financial Institutions in the Kingdom provided until the end of fiscal year 1430/1431H an amount of more than SR 484 billion, contributing directly to the rapid development of Saudi Arabia in a period of few years in agricultural, industrial, construction and other sectors. This is the result of the Saudi government's support program for citizens towards the overall development and promotion of its activities to achieve the prosperity and well-being and sustainable provisions of all their needs. This also shows the awareness of the government about the citizens' pivotal role in the overall development process, which has been well-assisted through diversified schemes of subsidies and soft and interest-free loans granted by several financial institutions inclusive of the Agricultural Development Fund; Saudi Credit and Savings Bank; Real Estate Development Fund; Industrial Development Fund, and Public Investment Fund. In the framework of the keenness of the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz Al Saud, to provide all means of comfort and decent lives to the citizens, a number of royal decrees have been issued to cover the needs of the citizens by supporting the capital of the Real Estate Development Fund with an additional amount of SR 40 billion that enabled it to fulfill commitments of its loans and speed up the process of obtaining loans as well as exempting them of due-premiums for their loans. Nevertheless, a royal decree was also issued to construct 500,000 housing units in all regions of the Kingdom with an allocation of a lump sum amount of SR 250 billion to support the capital of the Real Estate Development Fund and raise the value of the upper limit of the loans for the residential purposes extended by the Real Estate Development Fund, from SR 300,000 to SR 500, 000.
