GOSI, Saudi Real Estate Refinance sign SAR 2 bln deal

Signing Ceremony

The General Organization for Social Insurance (GOSI) signed an agreement with Saudi Real Estate Refinance Co. (SRC), owned by owned by the Public Investment Fund (PIF), to sell part of the real estate financing portfolio in Masaken program to SRC for SAR 2 billion.

In a statement, GOSI said the agreement is an extension of two previous deals, bringing the total value of the refinancing agreements between the two parties to SAR 5 billion.

The organization confirmed that the deal reflects strength, flexibility, and attractiveness of its investments, adding that the move goes in line with its commitment to work with the private sector to enhance the services provided to beneficiaries in all cities across the Kingdom.

The agreement will also help Masaken program achieve its goals and boost market liquidity, in addition to providing low-cost real estate financing for citizens. This is one of the innovative financing solutions to ensure an increase in home ownership, in line with Vision 2030.

The cumulative number of housing contracts until the first half of 2021 amounted to more than 12,500, with a financing value of nearly SAR 9 billion, GOSI noted.