Riyadh, Saudi Arabia - The Saudi Real Estate Refinance Company (SRC), a Public Investment Fund company, announced the signing of an agreement to purchase a residential mortgage portfolio worth SAR 3 billion with Al Rajhi Bank, as part of its ongoing efforts to enhance liquidity and support the sustainability of the Kingdom’s mortgage finance market .

This agreement comes at a time when the financial sector is witnessing increasing importance in providing innovative financing solutions that contribute to enhancing market efficiency and the continuity of financing flow, and contributing to supporting the residential real estate financing market in the Kingdom, by providing suitable real estate financing solutions for citizens, in an effort to contribute to achieving the objectives of the Housing Program - one of the Kingdom’s Vision 2030 programs - to increase the percentage of citizens owning homes .

The CEO of the Saudi Real Estate Refinance Company, Majid bin Fahd Al-Abduljabbar, explained that the agreement comes within the framework of continuing to support the residential real estate market in the Kingdom and contributing to providing flexible financing solutions for Saudi families through expanding the partnership with Al Rajhi Bank, as it will contribute to injecting more liquidity into the residential real estate financing market in the Kingdom, indicating that the agreement represents an extension of cooperation, and an important step towards achieving the strategic goals of the housing program .

Al-Abduljabbar explained that the agreement reflects the depth of the strategic partnership between SRC and Al Rajhi Bank, and the pivotal role that both parties play in developing the residential real estate financing system in the Kingdom. This step will represent a model to be emulated in activating real estate refinancing solutions, which contributes to achieving a balance between growth requirements and efficient liquidity management .

Through these partnerships, the company continues to support the objectives of the housing program within the Kingdom’s Vision 2030, by enabling the real estate financing system, enhancing liquidity, and expanding the investor base, which contributes to raising the percentage of citizens owning homes. The company also affirms its commitment to supporting liquidity in the real estate financing market, by providing innovative solutions that enhance the sustainability of real estate financing, and support the strength and sustainability of the national economy .

It is worth mentioning that the Saudi Real Estate Refinance Company was established by the Public Investment Fund in 2017 with the aim of developing the real estate finance market in the Kingdom, after obtaining a license from the Saudi Central Bank to work in the field of real estate refinancing. The company plays a key role in achieving the objectives aimed at raising the rate of homeownership among Saudi citizens, by providing liquidity to financiers to enable them to provide affordable housing finance to individuals, and working closely with partners to support the housing system in the Kingdom .

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