Saudi Real Estate Refinance Company Refinances USD 2.7 Billion Property Portfolio

The Saudi Real Estate Refinance Company (SRC), a mortgage finance company that is wholly owned by Saudi’s sovereign wealth fund Public Investment Fund (PIF), has signed an agreement with Saudi-based Real Estate Development Fund (REDF) to refinance a property portfolio worth SAR 10 billion (USD 2.7 billion), according to a SRC press release.

Why it Matters?

The agreement aligns with the objectives of Saudi Vision 2030 to increase homeownership in Saudi Arabia to 70% by the end of the decade. According to Fabrice Susini, Chief Executive Officer of SRC, the agreement is the company’s largest with a home financing originator, and will provide opportunities for the growth of home financing in Saudi Arabia by creating low-risk tools with financ...