The Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund, has signed an agreement with Riyad Bank to acquire a SR500 million ($133.13 million) real estate financing portfolio.
The agreement between SRC and Riyad Bank is the second largest mortgage refinancing deal in the kingdom. It was signed by Fabrice Susini, CEO of SRC and Tareq Al-Sadhan, CEO of Riyad Bank, in the presence of Majid bin Abdullah Al Hogail, Minister of Municipal and Rural Affairs and Housing and Abdullah bin Mohammed Al-Issa, the Chairman of the Board of Directors at Riyad Bank.
Susini stated that the agreement is part of SRC’s continued drive to expand and strengthen its partnerships with leading banks and lenders in the kingdom.
Liquidity and risk management
He added: "Through these agreements, SRC provides liquidity and risk management solutions to support lenders and originators’ efforts to de-risk their balance sheets and enhance both their origination and distribution capabilities.
“As a result, Saudi citizens will have better chances to access home financing solutions that suit their needs which in turn will contribute to realising the objectives of Vision 2030 to raise the percentage of residential ownership of Saudi families from 47% to more than 60% within four years.”
Al-Sadhan said the long-term partnership with SRC will provide housing finance solutions that fulfil the needs and requirements of Saudi families.
He said: "Through our partnership with SRC, we are able to continue offering our customers with flexible home financing solutions. The agreement with SRC aligns with our shared vision to increase homeownership in the kingdom, supporting the objectives of the Housing programme- one of the kingdom’s Vision 2030 initiatives.”-- TradeArabia News Service
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