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ZAWYA-PRESSR: Saudi Real Estate Refinance Company signs deal to boost residential mortgage market stability
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SAB 1060.SA | 34.46 | +2.01% |
Riyadh, Saudi Arabia: The Saudi Real Estate Refinance Company (SRC), a Public Investment Fund (PIF) company, has signed a residential real estate finance portfolio purchase agreement with Saudi Awwal Bank (SAB). The signing ceremony was attended by the Minister of Municipalities and Housing and SRC Board Chairman Majed Al-Hogail.
The agreement forms part of SRC’s ongoing efforts to support the housing ecosystem in the Kingdom and enhance the sustainability of residential real estate finance market by providing liquidity to financiers and enabling them to expand their offering.
The acquisition is expected to improve market efficiency by offering banks and finance companies more flexible funding options, helping families access suitable home financing.
Majeed bin Fahad Al-Abduljabbar, CEO of the Saudi Real Estate Refinance Company, stated: “This acquisition from SAB represents a new step in SRC’s ongoing work to support liquidity and sustain financing in the residential real estate market. We are committed to creating a supportive funding environment that enables financiers to continue offering financing products that meet the needs of Saudi families, thereby simplifying the path to homeownership in line with the Housing Program and Saudi Vision 2030.”
Commenting on the announcement, Bandar Al-Gheshayan, Chief Wealth & Personal Banking Officer at SAB, stated: “We are pleased to collaborate with SRC on this transaction, which strengthens our capacity to expand real estate offerings and deliver more accessible financing solutions to our customers. We believe this partnership contributes to sustained growth in the housing sector and supports the increase of homeownership among citizens.”
This initiative highlights SRC’s strategic role in developing the secondary real estate finance market in the Kingdom, and in providing flexible liquidity and risk management solutions that support financing sustainability and expand access to homeownership across different regions of Saudi Arabia.
The Saudi Real Estate Refinance Company (SRC) was established by the Public Investment Fund (PIF) in 2017 to develop Saudi Arabia’s real estate finance market. It operates under a license from the Saudi Central Bank (SAMA) in the real estate refinancing sector. SRC plays a key role in achieving the objectives of the Housing Program under Saudi Vision 2030, which aims to increase homeownership rates among Saudi citizens. The company supports this goal by providing liquidity to financiers, enabling them to offer affordable housing finance to individuals. Additionally, SRC works closely with partners to strengthen Saudi Arabia’s housing ecosystem.
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