Thursday, 25 July 2024

SRC Extends its Refinancing Agreement with arab national bank (anb) with an Additional SAR 500 million


The Saudi Real Estate Refinance Company (SRC), a Public Investment Fund (PIF) company, has extended its refinancing agreement with arab national bank (anb) with an additional SAR 500 million. This is the second refinancing agreement between both entities.

The agreement was signed by Majeed Fahad Alabduljabbar, CEO of SRC and Obaid Alrasheed, CEO of anb in the presence of His Excellency Majed Al-Hogail Minister of Municipal, Rural Affairs and Housing and Chairman of SRC, and Mr. Salah Al-Rashed, Chairman of Arab National Bank. The agreement signifies SRC’s continued efforts to support the Kingdom’s home financing market by expanding mortgage refinance and providing SRC solutions to real estate financing entities to support growth.

This is the second refinancing agreement between SRC and anb. This reflects both parties’ commitment to supporting sector growth, through the provision of convenient real-estate financing solutions to Saudi citizens, making home financing accessible for Saudi citizens in line with Vision 2030’s Housing Program objectives.

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Majeed Fahad Alabduljabbar, CEO of SRC said: “With our shared vision to support the Kingdom’s housing market and enabling accessible home financing solutions for Saudi citizens, we are pleased to extend our partnership with anb. Through this partnership, we will further increase market liquidity that will enable the origination of new home financing portfolios. This extension is not just a continuation of our successful collaboration but a vital step in our commitment to support the strategic objectives of Vision 2030’s Housing Program.”

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Obaid Alrasheed, CEO of arab national bank said: “anb is honored to continue our strategic partnership with SRC, reinforcing our joint commitment to the Kingdom’s housing sector. This enhanced agreement is a testament to our dedication to supporting the national vision. By increasing the origination of new home financing portfolios, we are not only contributing to strengthening the Kingdom’s financial ecosystem but also the objectives of Vision 2030’s Housing Program.”

SRC has signed a series of refinancing agreements with leading banks and mortgage finance companies in the Kingdom in order to broaden Saudi citizens access to home financing solutions. Through these agreements, SRC provides liquidity, capital management and balance sheet de-risking solutions to enhance home financiers and originators financing capacity.

SRC was established in 2017 by the Public Investment Fund after obtaining a license from Saudi Central Bank to operate in the market and as part of the Vision 2030 Housing Program. It is the pillar and a major catalyst for growth and sustainability of housing finance in the Kingdom and the establishment of a secondary housing finance field. In line with its vision, SRC aims at providing innovative real estate refinancing solutions and is committed to supporting real estate finance companies with liquidity, enabling growth in the home financing sector to increase home ownership rates among Saudi citizens.