Arab News, Monday, Mar 14, 2022 | Sha'ban 11, 1443
PIF-owned SRC signs $270m refinancing deal with Saudi National Bank
Saudi Arabia:
The Saudi Real Estate Refinance Company, a wholly-owned company of the
Public Investment Fund, has signed a joint agreement with Saudi National Bank to
sell a real estate financing portfolio worth SR1 billion ($270 million).
The agreement aims to refinance the portfolio to
provide long-term liquidity to the Saudi home financing market and facilitate
risk management in the sector.
Majed Al Ghamdi, chief executive officer of retail
at Saudi National Bank, said this agreement is the largest bank financing in
Saudi Arabia to date.
He also noted that the agreement will help provide
housing finance solutions for Saudi families.
Fabrice Susini, chief executive officer of SRC,
asserted that the company continues to expand its partnerships with originators
to boost the rate of Saudi homeownership to 70 percent by 2030 in line with the
Kingdom's Vision 2030 initiative.