Saudi’s SRC to acquire one of Alinma Bank’s real estate financing portfolio

By Arya M Nair, Official Reporter
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Officials from SRC & Alinma Bank at the agreement signing ceremony

The Saudi Real Estate Refinance Company (SRC), wholly-owned by the Public Investment Fund (PIF), has signed an agreement with Alinma Bank to acquire one of its real estate financing portfolios.

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.

The agreement was signed by SRC’s CEO Mr. Fabrice Susini and Mr. Abdullah bin Ali Al-Khalifa, CEO of Alinma Bank, in the presence of His Excellency Majid bin Abdullah Al Hogail, Minister of Municipal and Rural Affairs and Housing. Through partnerships with major banks and mortgage providers in the Kingdom, SRC has acquired in excess of $5.3 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.

Fabrice Susini
Fabrice Susini

“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. 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 percent homeownership in the Kingdom.”

Mr. Ali AlKhalifa said that “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.”

Related: Saudi’s SRC signs deal with Riyad Bank to acquire real estate financing portfolio