The Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund, has signed an agreement with Riyad Bank to acquire a $133 million (SAR 500 million) real estate financing portfolio.
The agreement between SRC and Riyad Bank is the second largest mortgage refinancing deal in the Kingdom.
Mr. Fabrice Susini, CEO of SRC, stated that this agreement with Riyad Bank is the latest in a series of similarly significant deals and this is part of SRC’s continued drive to expand and strengthen its partnerships with leading banks and lenders in the Kingdom.
“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 realizing the objectives of Vision 2030 to raise the percentage of residential ownership of Saudi families from 47 percent to more than 60 percent within 4 years.”
Mr. Tareq Al-Sadhan, CEO of Riyad Bank noted that the long-term partnership with SRC will provide housing finance solutions that fulfill the needs and requirements of Saudi families.
“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 Program- one of the Kingdom’s Vision 2030 initiatives,” Mr. Al-Sadhan further added.