SRC inks real estate portfolio purchase deal with Bank Albilad
RIYADH, 4 hours, 53 minutes ago
The Saudi Real Estate Refinance Company (SRC), a PIF company, has announced that it has signed a real estate finance portfolio purchase agreement with Bank Albilad.
This strategic step reinforces the ongoing partnership between the two entities and reflects their shared commitment to supporting the growth of the Kingdom’s residential real estate finance market, said SRC in a statement.
The agreement forms part of a broader series of future initiatives aimed at deepening collaboration between SRC and the bank over the coming year, in support of the development of the housing and financial sectors.
It was signed in the presence of Majid bin Abdullah Al Hogail, the Saudi Minister of Municipalities and Housing and Chairman of SRC, alongside Nasser bin Mohammed Al Subaie, the Chairman of Bank Albilad.
This agreement builds on the existing partnership between the two institutions, established in 2022, which aims to promote sustainability in the Kingdom’s housing finance market and provide citizens with suitable home financing options.
It aligns with Saudi Vision 2030 objectives to enhance financial sustainability and stimulate economic growth.
On the strategic deal, CEO Majeed bin Fahed Al Abduljabbar said it marks an important milestone in strengthening SRC's refinancing capabilities and in offering financing solutions for Saudi citizens.
"We value our continued partnership with Bank Albilad, which will play a key role in advancing future securitization plans, enhancing the sustainability of the residential real estate finance market, and attracting both local and international investment," he stated.
Bank Albilad CEO Abdulaziz Al Anizan said: "Our partnership with SRC represents a pivotal step in supporting and developing the kingdom’s real estate finance sector, while contributing to the ongoing evolution of Saudi capital markets."
"Together, we aim to deliver innovative financial solutions that create real value for both the financial and housing sectors, in line with Vision 2030," he added.
The Saudi Real Estate Refinance Company (SRC) was established by the Public Investment Fund in 2017 to develop the Kingdom’s real estate finance market.
Licensed by the Saudi Central Bank (SAMA), SRC plays a vital role in facilitating mortgage refinancing and achieving the objectives of the Housing Program under Saudi Vision 2030, which aims to increase homeownership among Saudi citizens.
By providing liquidity to lenders, SRC enables them to offer more affordable housing finance solutions. The company also works closely with its partners to strengthen the broader housing ecosystem in Saudi Arabia.-TradeArabia News Service
