Saudi Arabia writes off $64.7m in deceased citizens’ debt
The write off was done in line with an order issued by Custodian of the Two Holy Mosques King Abdullah
The Real Estate Development Fund has completed procedures to write off the debt amounting to 243 million Saudi riyals ($64.7m) owed to it by some 1,158 deceased citizens.
This was in line with the order issued by Custodian of the Two Holy Mosques King Abdullah, the Saudi Press Agency reported.
The Fund has adopted a list of the 18th and 19th batches of the deceased borrowers who were given exemption following submission of applications via the electronic program and provision of the required data by their families and relatives.
The Fund has concluded all the procedures for the full payment of their loans, amounting to SR 243 million, and issuing letters of redemption for their properties located in various cities and regions across the Kingdom.
Yousef Al-Zughaibi, director general of the Fund, said that the Fund completed the procedures to write off the debts of the deceased as per the King’s directive.
This article was first published in the Saudi Gazette.