SRC, DGF team up to address housing needs as part of Saudi Vision 2030

Fabrice Susini, SRC chief executive (right), and Suliman Azzabin of the DGF sign the deal in the presence of Housing Minister Majed Al-Hogail (standing on the right) in Riyadh. (AN photo)
Updated 19 December 2017
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SRC, DGF team up to address housing needs as part of Saudi Vision 2030

RIYADH: In an effort to address the housing needs of Saudi citizens, the Saudi Real Estate Refinance Company (SRC) signed a strategic partnership refinancing deal of SR1 billion ($266.6 million) with Deutsche Gulf Finance (DGF), the leading real estate financing company, on Sunday.
The move will help to “unlock” the Saudi housing finance market by increasing liquidity to enable lenders to offer more accessible home-buying solutions.
“This is an exciting first step toward our goal of unlocking the Saudi housing market and increasing home ownership among citizens,” said Majed Al-Hogail, minister of housing.
Al-Hogail said that “this type of cooperation and partnership is what Vision 2030 intends to build on as we develop and expand our economy.”
Speaking to Arab News on Monday, Fabrice Susini, SRC chief executive, said: “This is the first deal of its kind, signed by the SRC, which is owned by Public Investment Fund (PIF), to assist financial institutions so that they can increase mortgage financing availability to Saudis.
“This transaction is just the first in a series that will see SRC increase available funding for housing needs,” he added.
The portfolio acquisition and short-term financing transaction, which includes a warehousing facility, will allow DGF to improve lending ability within the Kingdom. Notably, DGF offers a variety of financing solutions to encourage real estate ownership among Saudis through innovative Shariah-compliant products.
Spelling out the details of the partnership deal, Suliman Azzabin, DGF chief executive, said: “We are delighted to have been selected by the SRC to sign the first strategic partnership agreement as a way to reinforce the public and private sector partnerships.”
“We are all collaborating to implement the goals of the National Transformational Plan (NTP) 2020 and realize the Vision 2030 by increasing homeownership and reducing the financing costs by providing the needed liquidity to more people,” he added.
The landmark deal reiterates the commitment of the Kingdom’s Ministry of Housing to offer more accessible housing finance solutions, which would directly benefit homebuyers and facilitate market growth.


King Salman receives Saudi Arabia’s regional governors 

Updated 22 May 2019
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King Salman receives Saudi Arabia’s regional governors 

  • The king directed the governors to take care of the citizens and expatriates' interests,

JEDDAH: King Salman received the governors of the administrative regions of Saudi Arabia, in Jeddah on Tuesday.

The king directed the governors to take care of the citizens and expatriates' interests, the Saudi Press Agency reported.

Crown Prince Mohammed bin Salman was in attendance, so too was the  Interior Minister Prince Abdulaziz bin Saud bin Naif and his deputy.

The governors were holding their 26th annual meeting.

The governors present at the meeting were:

Prince Khalid Al-Faisal, Advisor to the Custodian of the Two Holy Mosques and Governor of Makkah Region; Prince Mohammed bin Nasser bin Abdulaziz, Governor of Jazan Region; Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh Region; Prince Fahd bin Sultan bin Abdulaziz, Governor of Tabuk Region; Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Province; Prince Jalawi bin Abdulaziz bin Musa'ed, Governor of Najran Region; Prince Dr. Faisal bin Mishaal bin Saud bin Abdulaziz, Governor of Qassim Region; Prince Husam bin Saud bin Abdulaziz, Governor of Al-Baha Region; Prince Abdulaziz bin Saad bin Abdulaziz, Governor of Hail; Prince Turki bin Talal bin Abdulaziz, Governor of Asir Region; Prince Faisal bin Salman bin Abdulaziz, Governor of Al-Madinah Al-Munawarah Region; Prince Faisal bin Khalid bin Sultan bin Abdulaziz, Governor of the Northern Borders Region; and Prince Faisal bin Nawaf bin Abdulaziz, Governor of Al-Jouf Region.