The Saudi Real Estate Refinance Company (SRC), wholly owned by the kingdom’s sovereign wealth fund, Public Investment Fund, signed an agreement with Riyad Bank to acquire a SAR 500 million ($133 million) real estate financing portfolio.
The agreement between SRC and Riyad Bank is the second largest mortgage refinancing deal in the kingdom.
Tareq Al-Sadhan, CEO of Riyad Bank, said the long-term partnership with SRC will provide housing finance solutions that fulfill the needs and requirements of Saudi families.
“The agreement with SRC aligns with our shared vision to increase homeownership in the Kingdom, supporting the objectives of the Housing Program- one of the Kingdom’s Vision 2030 initiatives,” he said.
Fabrice Susini, CEO of SRC, stated that this agreement with Riyad Bank is the latest in a series of similarly significant deals, as part of SRC’s continued drive to expand and strengthen its partnerships with leading banks and lenders in the Kingdom.
Vision 2030 aims to raise the percentage of residential ownership of Saudi families from 47 percent to more than 60 percent within four years.