Saudi Real Estate Refinance signs refinancing deal with SNB worth SAR 1 billion

13/03/2022 Argaam

Saudi Real Estate Refinance Co. (SRC), a wholly-owned company of the Public Investment Fund (PIF), signed a joint agreement with Saudi National Bank (SNB) to sell a real estate financing portfolio worth SAR 1 billion.

 

The agreement is one of the largest bank refinancing in the Kingdom to date, Fabrice Susini, CEO of SRC, said in a statement.

 

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.

 

The company continues to expand its partnerships with originators to boost the rate of Saudi homeownership to 70% by 2030, in line with the objectives of the Vision 2030 housing program through supporting the home financing market.

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