SRC signs the second agreement with anb to purchase a real estate financing portfolio worth 500 million riyals

The Saudi Real Estate Refinance Company (SRC), a Public Investment Fund (PIF) company, singed a new agreement with Arab National Bank (anb) with an SAR 500 million, in the presence of His Excellency Majed Al-Hogail Minister of Municipal, Rural Affairs and Housing and Chairman of SRC, and Mr. Salah Al-Rashed, Chairman of Arab National Bank.

The agreement was signed by Majeed Fahad Alabduljabbar, CEO of SRC and Obaid Alrasheed, CEO of anb. 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 Saudi real-estate financing market, through the provision of convenient real-estate financing solutions to Saudi citizens. This will contribute to achieving the goals of Housing Program, one of Vision 2030’s programs, aiming at increasing the homeownership rates for Saudis.

Majeed Fahad Alabduljabbar, CEO of SRC said: “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 Housing Program.”

In his statement, the CEO of anb stated that the continuation of the strategic partnership with the Saudi Real Estate Refinance Company (SRC) is a manifestation of the shared vision towards supporting the housing market in the Kingdom. It also reflects our commitment to enhancing the real estate finance sector and the financial services sector, in addition to actively participating in achieving the objectives of the housing program derived from Vision 2030.

This step comes as part of a series of agreements between SRC and various leading financial institutions in the Kingdom, including banks and real estate finance companies. The company provides liquidity and risk management solutions within public budgets, aiming to support the efforts of financing entities and enhance their ability to grow in the real estate finance market, thus increasing homeownership rates in the Kingdom.

It is worth mentioning that the Saudi Real Estate Refinance Company was established in 2017 by the Public Investment Fund as part of government initiatives to support the housing program under Vision 2030. It serves as a cornerstone and a major catalyst for the growth and sustainability of residential real estate finance in the Kingdom. The company obtained a license from the Saudi Central Bank to operate in the field of real estate refinancing.

The company's vision is to provide innovative solutions for real estate refinancing while also striving to continue developing the Saudi real estate finance market, providing liquidity, and supporting financing entities in achieving further growth in citizens' home ownership rates.