RIYADH: The Saudi Real Estate Refinance Company, a wholly-owned company of the Public Investment Fund, has signed a joint agreement with Saudi National Bank to sell a real estate financing portfolio worth SR1 billion ($270 million).
The agreement aims to refinance the portfolio to provide long-term liquidity to the Saudi home financing market and facilitate risk management in the sector.
Majed Al Ghamdi, chief executive officer of retail at Saudi National Bank, said this agreement is the largest bank financing in Saudi Arabia to date.
He also noted that the agreement will help provide housing finance solutions for Saudi families.
Fabrice Susini, chief executive officer of SRC, asserted that the company continues to expand its partnerships with originators to boost the rate of Saudi homeownership to 70 percent by 2030 in line with the Kingdom's Vision 2030 initiative.