PRESSR: Majeed Al-Abdul-Jabbar, CEO of the Saudi Real Estate Refinancing Company
Riyadh, the Board of Directors of the Saudi Real Estate Refinancing Company “SRC” - wholly owned by the Public Investment Fund - headed by His Excellency the Minister of Municipal, Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Hogail, announced the decision to appoint Mr. Majeed bin Fahd Al-Abdul-Jabbar as CEO of the company, succeeding the previous president, Mr. Fabrice Sousini, effective January 1, 2024, after the company obtained a non-objection from the Saudi Central Bank.
Al-Abdul-Jabbar is considered one of the national competencies with a long career and practical experience spanning more than 26 years in the financial and banking sectors. We wish him success in performing his new duties.
The company’s Board of Directors thanked the former CEO, Mr. Fabrice Sousini, for his great efforts that continued for several years in strengthening the company’s position in the real estate finance sector in the Kingdom, and contributing to the development of a management team that possesses the best international practices in this field, praising the company’s achievements during the period. His presidency.
It is noteworthy that the new CEO of the Saudi Real Estate Refinancing Company, Mr. Majeed Al-Abdul-Jabbar, has held many positions during his career; Most notably, the Director General of Risks at the Capital Market Authority (CMA), and advisor to the Chairman of the Board of Directors of the Capital Market Authority, during which he worked on a number of initiatives within the Authority’s plan and strategy in line with the objectives of the Kingdom’s Vision 2030.
Al-Abdul-Jabbar was part of the work team that supervised the offering of Aramco for public offering in the Saudi market, and represented the Kingdom in a number of committees at the International Organization of Securities Commissions (IOSCO).
His professional journey included diverse experiences in the banking sector in the Kingdom, which extended for more than 15 years, during which he worked in the treasury department at HSBC Bank in London, Samba, and the Arab National Bank, and he was one of those who contributed to establishing the innovative investment solutions department at SABB Bank.
It is noteworthy that the Saudi Real Estate Refinancing Company (SRC) was established in 2017 AD to be a main pillar and catalyst for the growth and sustainability of the real estate refinancing market in the Kingdom, after obtaining a license from the Saudi Central Bank to operate in the real estate financing market.
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About the Saudi Real Estate Refinancing Company:
The company was established in 2017 as a company wholly owned by the Public Investment Fund, with the aim of helping in the transformation of the local housing market, as the company obtained a license from the Saudi Central Bank to work in real estate refinancing activity through the secondary market.
The Saudi Real Estate Refinancing Company enables individuals and entities aspiring to finance real estate, directly and indirectly, to increase and diversify long-term real estate financing at a fixed profit rate. As part of its main tasks, the Saudi Real Estate Refinancing Company provides short-term financing to real estate financiers to provide liquidity and reduce the burden on capital. This allows for increased growth in the real estate financing sector and an increase in home ownership rates for Saudi citizens. The company then aggregates and packages the financing portfolios into mortgage-backed securities to sell to local and international investors.
The Saudi Real Estate Refinancing Company has a “stable (A+)” rating from Fitch, a “positive (A2)” rating from Moody’s, and a “stable (A-)” rating from Standard & Poor’s.
The company has a management team that has benefited from the best international practices in this field. To be the preferred partner for real estate financiers in the Kingdom of Saudi Arabia. For more information about the company, please visit https://srco.com.sa/en .
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