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Residential loans awarded in the Kingdom of Saudi Arabia (KSA) jumped 212% in May 2019, compared to the same period a year ago, official data showed.
According to data from Saudi Arabian Monetary Authority (SAMA), 12,949 mortgage contracts worth SAR 5,653 billion were signed in May, growing 212% in terms of volume and 122% in value, compared to May 2018.
For the first five months of 2019, 58,809 mortgages worth SAR 27,019 billion were signed, compared to about 18,000 contracts worth SAR 11,680 billion during the same period last year.
Data from SAMA also showed that 92% of the value of contracts was provided by Saudi commercial banks, with the remaining coming from other financial companies.
Saudi Arabia’s Housing Minister Majid Al-Hogail had told Arab News website in March this year that the kingdom is aiming to increase local home ownership rates to 70% by 2030 with the mortgage finance sector playing a significant role.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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ACCEPTxSiddhi Sainani
Content and Communications Manager
Siddhi Sainani is a business and finance writer and a public relations professional with experience across markets in the UAE, Oman, India and the United States.
At Cavendish Maxwell, Siddhi is responsible for crafting research and marketing communications material for the firm’s various stakeholders including clients and government entities. She also leads the public relations activities for the firm, focusing on media outreach, reputation management and spokesperson profiling.
In her previous roles, Siddhi has reported on the financial markets for news outlets, developed institutional research for several institutions, and undertaken corporate communications initiatives for leading firms across sectors such as real estate, finance, banking, audit and advisory, and technology, among others.
Siddhi has a Bachelor of Mass Media degree with a specialisation in journalism and also holds a Post-Graduate Diploma in Integrated Communications covering advertising, marketing and public relations from Xavier Institute of Communications, Mumbai, India.
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Sarah-Jane Carter
BA (Hons) DipM
Head of Marketing
Sarah-Jane joined Cavendish Maxwell in January 2020 as Head of Marketing and is responsible for the development of the marketing strategy and execution across the Middle East region. An energetic and results driven marketer, Sarah-Jane possesses a wealth of multi-channel marketing experience, within both B2B and B2C environments which she has gained over a 25 year career. Prior to joining Cavendish Maxwell, Sarah-Jane held senior marketing positions for major developers in Dubai including Emaar, Dubai Properties and Dubai Sports City. She also worked for IWG as the Regional Marketing Director responsible for the MEA and APAC regions. Before relocating to the UAE in 2005, Sarah-Jane held various management roles in public and private sector companies in the UK including ten years at Royal Mail and seven years at the Bank of America.
Sarah-Jane is a member of the Chartered Institute of Marketing and has a BA(Hons) Degree in Business and Marketing
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