Riyadh, Saudi Arabia: The Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund, signed an agreement with Alinma Bank to acquire one of its real estate financing portfolios, in the presence of His Excellency Mr. Majid bin Abdullah Al Hogail, Minister of Municipal and Rural Affairs and Housing.

This agreement completes the onboarding of all major mortgage providers in the Kingdom by SRC, further highlighting the company’s role in supporting the development of a robust, efficient, and liquid secondary market, and underpinning the advancement of the financial services sector. Through partnerships with major banks and mortgage providers in the Kingdom, the Saudi Real Estate Refinance Company (SRC) has acquired in excess of SAR 20 billion in refinancing assets.

It reflects the ongoing efforts by SRC to continue to play an active support role to further develop the residential real estate sector through the expansion of its refinancing portfolio and by providing liquidity to create a stable secondary real estate market in the kingdom. The deal was signed by SRC’s CEO Fabrice Susini and Abdullah bin Ali Al-Khalifa, CEO of Alinma Bank.

Fabrice Susini, CEO of SRC said, “As part of our ongoing drive to support Vision 2030 goals, we continue our focus on enabling a best-in class secondary mortgage market with the necessary liquidity to accelerate the delivery of affordable home ownership objectives.

We are working closely with our partners to achieve these goals by providing them with the capital and risk management solutions which are essential to their ability to in turn offer more access to affordable home financing solutions that meet the different needs of Saudi citizens, particularly during changing market conditions.

Signing this deal with Alinma Bank is a major milestone in our strategic efforts to onboard all the major real estate financing solutions providers in the Kingdom. It contributes significantly to accelerating the sector’s collective drive to deliver on the Vision’s 70% homeownership in the Kingdom.” 

Abdullah bin Ali AlKhalifa, CEO at Alinma Bank said: “We are fully aligned with SRC in our efforts to support the objectives of the Kingdom’s Vision 2030’s homeownership program. Our strategic partnership with SRC is imperative to meet the continued market demand and further enhance our financing solutions offered to eligible Saudi citizens to support their homeownership aspirations.”

According to the Ministry of Housing, the Vision 2030 housing program witnessed significant increase over the past 4 years from 47% to 60% exceeding the target of 52% by more than 8% driven by the combined efforts and partnerships within the private sector and the establishment of several government entities to cater specifically to the Saudi housing ecosystem.

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