PIF-owned SRC signs $270m refinancing deal with Saudi National Bank

PIF-owned SRC signs $270m refinancing deal with Saudi National Bank
New construction of a tower building in Riyadh, Saudi Arabia.
Short Url
Updated 13 March 2022
Follow

PIF-owned SRC signs $270m refinancing deal with Saudi National Bank

PIF-owned SRC signs $270m refinancing deal with Saudi National Bank
  • The company continues to expand its partnerships with originators to boost the rate of Saudi homeownership to 70 percent by 2030

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.