Saudi "SRC" Company Signs Agreement to Purchase a Real Estate Financing Portfolio from "BSF"

Listen to the article, the audio text is automatically generated by a machine system.

The Saudi Real Estate Refinance Company (SRC) - one of the Public Investment Fund companies - announced the signing of an agreement to purchase a residential real estate financing portfolio from the Saudi French Bank (BSF), in the third purchase operation of a real estate financing portfolio between the two parties, as part of the company's efforts to enhance the efficiency of the real estate financing market and support its sustainability in the Kingdom. The agreement was signed under the patronage of the Minister of Municipal and Rural Affairs and Housing, Chairman of the Board of Directors of the Saudi Real Estate Refinance Company, Majid bin Abdullah Al-Huqail, and in the presence of the Chairman of the Board of Directors of the Saudi French Bank, Mazen bin Abdulrazak Al-Rumaih.

The agreement comes as an extension of the cooperation between the company and the bank in the residential real estate financing market, by providing liquidity to financing entities and enhancing their ability to continue offering financing solutions, in addition to developing the secondary real estate financing market and expanding residential financing options, in line with the objectives of the Housing Program and Saudi Vision 2030.

The CEO of the Saudi Real Estate Refinance Company, Majid bin Fahd Al-Abduljabar, confirmed that the agreement reflects the strength of the strategic partnership and mutual trust between the two parties, and affirms their joint commitment to supporting the growth of the residential real estate financing system in the Kingdom, as reported by the Saudi Press Agency - "SPA."

Al-Abduljabar explained that continued cooperation with financing entities contributes to providing liquidity and enabling them to expand the scope of residential real estate financing, in addition to supporting the growth of the secondary real estate financing market and enhancing the efficiency and sustainability of the market through the development of real estate refinancing solutions.

The CEO of the Saudi French Bank, Badr bin Hamad Al-Salloum, stated that this agreement is an extension of the strategic partnership with the Saudi Real Estate Refinance Company, reflecting the mutual commitment to support a more efficient and sustainable real estate financing market. He pointed out that the bank continues, through this collaboration, to expand the range of financing solutions offered to clients and support the objectives of Saudi Vision 2030.

The Saudi Real Estate Refinance Company continues to work with its partners to enhance the efficiency of the real estate financing system, expand the base of investors, develop the secondary market, and create sustainable refinancing solutions that support the growth of the sector and increase its resilience.

It is worth noting that the Saudi Real Estate Refinance Company was established in 2017 by the Public Investment Fund and obtained a license from the Saudi Central Bank to engage in real estate refinancing activities. It works to develop the real estate financing market in the Kingdom by providing liquidity to financiers and supporting their ability to offer housing financing solutions to individuals, contributing to achieving the objectives of the housing system and increasing the percentage of Saudi families owning homes.