https://arab.news/z2apt
- Signing came during visit by Saudi Minister of Municipalities and Housing Majid Al-Hogail to New York
- Kingdom signed deal with K. Hovnanian Homes ME to develop 500,000 housing units in the US
RIYADH: The Saudi real estate finance market will be supported by a deal between a Public Investment Fund subsidiary and US investment giant BlackRock.
The Saudi Real Estate Refinance Co. signed the memorandum of understanding with BlackRock in New York City on Saturday, the Saudi Press Agency reported.
It came during a visit by Saudi Minister of Municipalities and Housing Majid Al-Hogail.
The deal seeks to develop the real estate finance market in Saudi Arabia and increase the share of businesses in the real estate sector capital markets, the SPA said.
The agreement was signed by SRC CEO Majid Fahd Al-Abduljabbar and Yazeed Al-Mubarak, general manager of BlackRock Middle East and CEO of BlackRock Saudi Arabia.
BlackRock President Robert Kapito also attended the signing ceremony.
Al-Hogail is in the US to discuss ways to boost Saudi-US partnerships in urban development, construction, building, and real estate finance.
The ministry signed a separate memorandum of understanding with K. Hovnanian Homes ME to develop 500,000 housing units in the US.
Al-Hogail said the deal came from a belief in the “importance of attracting global expertise to support our journey in the real estate development sector.
“Through this partnership, we aim to benefit from successful experiences and expertise to build more integrated residential communities that are consistent with our continuous efforts to enhance the real estate supply with the highest standards, best practices and technologies, and to meet the aspirations of Saudi families,” he added in a post on his X account.