Riyadh – Mubasher: Saudi Real Estate Refinance Company (SRC), owned by the Public Investment Fund (PIF), has inked a SAR 1 billion refinancing agreement with Saudi National Bank (SNB).

The agreement aims to refinance a real estate portfolio and inject long-term liquidity into the Saudi home financing market, according to a recent press release.

The transaction is the largest bank refinancing in Saudi Arabia to date.

The CEO of SRC, Fabrice Susini, highlighted that the company seeks to raise the Saudi homeownership rate to 70% by 2030 within the framework of the Vision 2030 housing programme.

Meanwhile, the CEO of Retail at SNB, Majed Al Ghamdi, asserted that partnership with SRC will enable the bank to offer housing finance solutions that meet the needs of Saudi families.

It is noteworthy to mention that in January, the bank’s board proposed a cash dividend distribution of SAR 0.90 per share for the second half (H2) of 2021.

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