The Saudi Real Estate Refinance Company (SRC) has signed a memorandum of understanding (MoU) with the US BlackRock conglomerate in New York City, to develop the real estate market in Saudi Arabia, reported the Saudi Press Agency (SPA).
Signed on the sidelines of the official visit of Saudi Minister of Municipalities and Housing, Majid bin Abdullah Al-Hogail, the MoU aims at increasing the share of businesses in the real estate sector capital markets.
The partnership has set the following objectives:
- Accelerating the development of programs in the real estate refinance market in Saudi Arabia
- Expanding through local and international capital markets channels
- Diversifying sources of financing through fixed income markets
The implementation of these plans will increase the stability of the real estate finance market and achieve the objectives of the housing and financial sector development programs outlined by Saudi Vision 2030.
The SRC CEO Majid Fahd Al-Abduljabbar said: “The new agreement with BlackRock comes as part of the company’s efforts to expand the participation of local and international investors in the real estate refinance market in the Kingdom.”
Al-Abduljabbar added that the agreement aims to attract international investors and expand the base of real estate investment. It will contribute to integrating international standards with local opportunities and benefiting from international expertise to develop a more advanced and innovative secondary real estate finance market.
In the same context, the General Manager of BlackRock in the Middle and CEO of BlackRock Saudi Arabia Yazeed Al-Mubarak, expressed his delight to sign such a partnership with SRC, emphasizing his aspirations to boost the mortgage market and other capital market solutions.
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