Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund (PIF), has extended its refinancing agreement with Saudi-listed Alrajhi Bank by an additional 5.8 billion Saudi riyals ($1.55 billion).

The new deal takes the total value of refinancing agreements between the two entities to SAR 10.8 billion, SRC said in a statement.

“The extension of our partnership with Alrajhi Bank speaks volumes about our combined efforts to further grow the Kingdom’s housing market,” said Majeed Fahad Alabduljabbar, CEO of SRC. 

This initiative aims to facilitate increased accessibility to home financing, therefore fostering greater rates of home ownership, he added.

In December 2023, Riyadh – SRC completed its latest sukuk issuance of SAR 3.5 billion, comprising two tranches in five- and seven-year dual tenors under its SAR 20 billion government-guaranteed sukuk programme.

(Editing by Seban Scaria