Saudi Real Estate Refinance Company and Saudi National Bank Sign USD 266 Million Refinancing Deal to Boost Home Finance Market

The Saudi Real Estate Refinance Company (SRC) and Saudi National Bank (SNB) have inked an agreement worth 1 billion Saudi riyals (USD 266 million) in what is considered the largest bank refinancing deal in the Kingdom of Saudi Arabia (KSA) to date, according to the SRC in a statement on the 13th of March 2022.

Why it Matters?

The deal seeks to refinance the real estate portfolio of SRC to provide long-term liquidity to the home finance market in the country through expanding partnerships with originators. According to Majed Al Ghamdi, Chief Executive Officer, Retail of SNB, through the liquidity generated from the partnership, SNB will be able to provide housing finance solutions that fulfil the needs and requirements of families in the KSA. Accordingl...