SRC, Al Rajhi Bank in pact to purchase SAR 5.8B real estate financing portfolio

Logo of Saudi Real Estate Refinance Co. (SRC)

Saudi Real Estate Refinance Co. (SRC), a wholly owned subsidiary of the Public Investment Fund (PIF), concluded a new agreement to purchase a real estate financing portfolio worth SAR 5.8 billion with Al Rajhi Bank, the Saudi Press Agency (SPA) reported, citing SRC.

This is the fourth agreement signed between SRC and Al Rajhi Bank, the largest of its kind in the banking sector across the Kingdom. The two entities have signed contracts worth SAR 10.8 billion. 

The agreement confirms SRC’s commitment to support the residential real estate financing market in the Kingdom, as well as enabling banks and financing agencies to provide real estate financing solutions to citizens. 

SRC affirmed its keenness for continuous cooperation with its financing partners to achieve greater stability in this vital market. 

This deal is part of a group of agreements between it and various financing bodies in the Kingdom. 

SRC provides solutions to support liquidity and manage risks within public budgets, sustain the efforts of financing agencies and enhance their capabilities to grow in the real estate financing market. 

Majeed Fahad Alabduljabbar, CEO of SRC, stated that the agreement is part of the company’s strategy towards building continuous partnerships with leading financing institutions to develop a benchmark secondary housing finance market in the Kingdom. 

He explained that the agreement supports the local market with the necessary liquidity and provides flexible real estate financing solutions to the citizens in line with the goals of the Vision 2030 Housing Program.