The Saudi Real Estate Refinance Company (SRC) has signed a new agreement with Al Rajhi Bank. The agreement aims to purchase a real estate financing portfolio worth 5.8 billion Riyals.
This agreement is the fourth and largest of its kind in the banking sector in the Kingdom, signed between the Saudi Real Estate Refinance Company and Al Rajhi Bank.
The total value of agreements signed between the two parties reached 10.8 billion Riyals.
This confirms SRC’s commitment to support of the residential real estate financing market in the Kingdom. Moreover, it aims to enable banks and financing entities to offer real estate financing solutions to citizens. Moreover, it confirms their continuous cooperation with their partners in the financial sector to achieve more stability in this vital market.
“This agreement is part of the company’s strategy to build ongoing partnerships with leading financial entities, through which we aim to develop an active secondary market for residential real estate financing in the Kingdom,” said Majeed Abduljabbar, CEO of the SRC.
Abduljabbar explained that the agreement would continue the efforts to support the local market with the necessary liquidity. Therefore, this would support the growth of the thriving housing market in the Kingdom. It would also support the ability to offer flexible real estate financing solutions to citizens according to their aspirations and requirements.
This agreement is one of the series of agreements between the Saudi Real Estate Refinance Company and various financing entities in the Kingdom.
SRC’s Objectives
The company offers solutions to support liquidity and manage risks within the general budgets.
The company aims, as part of its vision, to offer innovative solutions for real estate refinancing. It is also committed to continuing the development of the Saudi real estate financing market and providing liquidity.
Saudi Real Estate Refinance Company
It is noteworthy that the Public Investment Fund established Saudi Real Estate Refinance Company in 2017 . It was part of government initiatives to support the Housing Program of Saudi Vision 2030. The company received a license from the Saudi Central Bank to operate in the real estate refinancing market.
The company aims, as part of its vision, to offer innovative solutions for real estate refinancing. It is also committed to continuing the development of the Saudi real estate financing market, providing liquidity. Moreover, it aims to support financing entities to achieve more growth in the rate of homeownership among citizens.
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