RIYADH: The Saudi Real Estate Refinance Co., wholly owned by the Public Investment Fund, signed a SR500 million ($133 million) agreement with Riyad Bank to acquire a real estate financing portfolio affiliated with the lender.
As the second largest real estate refinancing transaction in the Saudi banking sector, the agreement aims to achieve sustainability, provide long-term liquidity in the residential real estate finance market, the Saudi Press Agency reported.
The deal comes as part of SRC’s ongoing efforts to expand its partnerships with real estate financiers in the Kingdom, CEO Fabrice Susini said.
Such agreements will support real estate finance service providers by providing them with liquidity management solutions to provide affordable real estate financing to Saudi families wishing to own homes.
This contributes to achieving the goals of the Iskan Program, which is part of Saudi Vision 2030, that aims to to raise the percentage of home ownership of Saudi families to 70 percent by 2030.
