Riyadh, KSA – The Saudi Real Estate Refinance Company (SRC), a PIF company, has signed a new agreement with Arab National Bank to acquire a real estate finance portfolio in the presence of His Excellency Majid bin Abdullah Al-Hogail, Minister of Municipalities and Housing and Chairman of the Board of the Saudi Real Estate Refinance Company, and Eng. Salah Rashid Al-Rashed,Chairman of the Board of Arab National Bank.
This agreement marks an extension of the strategic partnership between the two parties and reaffirms their shared commitment to supporting the growth and sustainability of the real estate finance market in the Kingdom. It aims to enhance liquidity for lenders and enables home ownership among citizens through advanced financing solutions that align with the objectives of the Housing Program under Saudi Vision 2030, contributing to the target of achieving 70% home ownership.
Majeed Fahd Al-Abduljabbar, CEO of the Saudi Real Estate Refinance Company, affirmed that the agreement reflects the shared vision with Arab National Bank to enable home ownership among citizens by establishing a more efficient and sustainable secondary real estate finance market. It aligns with the ambitions of the coming phase and enhances the sector’s appeal to both local and international investors.
Obaid bin Abdullah Al-Rasheed, CEO of Arab National Bank, stated that the partnership with the Saudi Real Estate Refinance Company is a strategic step within the bank’s ongoing efforts to provide innovative financing solutions that drive market growth and sustainability. He expressed confidence that this collaboration will contribute to establishing a strong and effective real estate market built on efficiency and trust.
The agreement comes as part of a series of initiatives led by the Ministry of Municipalities and Housing to enhance citizen empowerment and build an integrated, stable financing environment that advances the Kingdom toward achieving both housing and economic objectives.
The Saudi Real Estate Refinance Company (SRC) was established by the Public Investment Fund (PIF) in 2017 to develop Saudi Arabia’s real estate finance market. It operates under a license from the Saudi Central Bank (SAMA) to facilitate real estate refinancing. SRC plays a key role in achieving the objectives of the Housing Program under Saudi Vision 2030, which aims to increase homeownership rates among Saudi citizens. The company supports this goal by providing liquidity to lenders, enabling them to offer affordable real estate finance to individuals. Additionally, SRC works closely with partners to strengthen Saudi Arabia’s housing ecosystem.