Saudi Arabia’s cabinet approved on Monday appointing Majed Al Hogail, the Kingdom’s housing minister, as the board chairman of the Saudi Refinancing Co. for one term, the official Saudi Press Agency (SPA) said.

 

Last December, Al Hogail announced the formation of the company to refinance up to SAR 50 bln for the local housing sector over the next five years, Argaam earlier reported.

 

The Saudi Refinancing Co. is 100 percent-owned by the Kingdom’s Pubic Investment Fund (PIF).

 

Meanwhile, the housing minister was also authorized by the cabinet to hold talks with Portuguese officials about a preliminary cooperation agreement on housing projects between both countries, the agency added.  

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