Arab News, Monday, Mar 20, 2023 | Sha'ban 28, 1444
PIF-owned Saudi Real Estate Refinance Co. signs ‘largest-of-its-kind’ deal with Al Rajhi Bank
The Saudi Real Estate Refinance Co., wholly owned by the Public Investment Fund,
on Sunday signed an agreement with Al Rajhi Bank to refinance more than worth
SR5 billion ($1.33 billion) real estate financing portfolio.
The deal is the largest of its kind in the Saudi
banking industry, according to a statement issued by SRC.
The agreement was signed in the presence of the
Saudi Minister of Municipal and Rural Affairs and Housing, Majid Al-Hogail.
SRC CEO Fabrice Susini described the deal as a
milestone in the company’s “strategic approach to support the housing market in
the Kingdom by providing flexible mortgage solutions to citizens.”
The agreement comes within SRC's strategic
partnerships with financing agencies, including banks and real estate finance
companies, with the aim of establishing an active and strong secondary market
for residential real estate financing, and providing the local market with the
Waleed Abdullah Almoqbel, CEO of Al Rajhi Bank,
said: “The deal with SRC strategically enhances our mortgage solutions and
supports our established capabilities to address the needs of a broad customer
base and the increasing demand for home ownership in the Kingdom.”