SRC extends its refinancing agreement with arab national bank

By Shilpa Annie Joseph, Official Reporter
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SRC-anb refinancing deal
Officials during the signig ceremony.

The Saudi Real Estate Refinance Company (SRC), a Public Investment Fund (PIF) company, has extended its refinancing agreement with the arab national bank (anb) with an additional $133 million (SAR 500 million).

This is the second refinancing agreement between both entities. The agreement signifies SRC’s continued efforts to support the Kingdom’s home financing market by expanding mortgage refinance and providing SRC solutions to real estate financing entities to support growth.

This is the second refinancing agreement between SRC and anb. This reflects both parties’ commitment to supporting sector growth, through the provision of convenient real-estate financing solutions to Saudi citizens, making home financing accessible for Saudi citizens in line with Vision 2030’s Housing Program objectives.

Majeed Fahad Alabduljabbar, CEO of SRC, said that, “With our shared vision to support the Kingdom’s housing market and enabling accessible home financing solutions for Saudi citizens, we are pleased to extend our partnership with anb.”

“Through this partnership, we will further increase market liquidity that will enable the origination of new home financing portfolios. This extension is not just a continuation of our successful collaboration but a vital step in our commitment to support the strategic objectives of Vision 2030’s Housing Program,” the SRC CEO noted.

Obaid Alrasheed, CEO of arab national bank, stated that, “anb is honored to continue our strategic partnership with SRC, reinforcing our joint commitment to the Kingdom’s housing sector. This enhanced agreement is a testament to our dedication to supporting the national vision. By increasing the origination of new home financing portfolios, we are not only contributing to strengthening the Kingdom’s financial ecosystem but also the objectives of Vision 2030’s Housing Program.”

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