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Saudi Arabia plans to spend 120 billion riyals ($32 billion) on subsidized home loans for borrowers as it seeks to create conditions for an expanded private sector role in a mortgage market dominated by the government.The kingdom's new housing program, announced Monday, also includes an 18 billion riyal loan-guarantee program to boost access to funding, and 12.5 billion riyals to support home down payments, all to be spent through 2030, Housing Minister Majed al-Hogail said.Authorities want to expand the mortgage market by more than 70 percent to reach 502 billion riyals by 2020, largely through increased private sector participation, he said.
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