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20-03-23
Saudi Real Estate Refinance Co. Inks USD1.33 Billion Agreement with Al Rajhi Bank
(MENAFN) The Saudi Real Estate Refinance Co., a wholly owned subsidiary of the Public Investment Fund, has signed an agreement with Al Rajhi Bank to refinance a real estate financing portfolio worth more than SR5 billion (USD1.33 billion). The deal is the largest of its kind in the Saudi banking industry, according to a statement issued by SRC.
The agreement was signed in the presence of the Saudi Minister of Municipal and Rural Affairs and Housing, Majid Al-Hogail. SRC CEO Fabrice Susini described the deal as a milestone in the company's strategic approach to supporting the housing market in the Kingdom by providing flexible mortgage solutions to citizens.
The agreement is part of SRC's strategic partnerships with financing agencies, including banks and real estate finance companies. The aim is to establish an active and strong secondary market for residential real estate financing and provide the local market with the necessary liquidity.
Waleed Abdullah Almoqbel, CEO of Al Rajhi Bank, said that the deal with SRC strategically enhances their mortgage solutions and supports their established capabilities to address the needs of a broad customer base and the increasing demand for home ownership in the Kingdom.
The refinance deal is significant for the Saudi real estate market as it provides liquidity and flexibility to homeowners, making it easier for them to own a property. The partnership between SRC and Al Rajhi Bank demonstrates the commitment of both entities to support the housing market in the Kingdom and boost economic growth.
The deal also highlights the importance of strategic partnerships between financing agencies and banks in creating an active secondary market for real estate financing. Such partnerships are crucial in providing liquidity and supporting the growth of the real estate sector.
The Saudi government has been taking steps to boost the real estate sector as part of its efforts to diversify the economy and reduce dependence on oil. The partnership between SRC and Al Rajhi Bank is a step in the right direction and is expected to have a positive impact on the housing market in the Kingdom.
MENAFN20032023000045014228ID1105813423
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