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

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.


Saudi Arabia announces 31 more deaths from COVID-19

Updated 24 min 11 sec ago

Saudi Arabia announces 31 more deaths from COVID-19

  • The total number of recoveries in the Kingdom has increased to 308,352
  • A total of 4,430 people have succumbed to the virus in the Kingdom so far

LONDON: Saudi Arabia announced 31 more deaths from the coronavirus and 576 new cases of the disease on Friday.
Of the new cases, 58 were recorded in Makkah, 52 in Jeddah, 37 in Dammam, 35 in Riyadh and 33 in Madinah.
The total number of recoveries in the Kingdom increased to 308,352 after 1,145 more patients recovered from the virus.
A total of 4,430 people have succumbed to the virus in the Kingdom so far.