The Saudi Real Estate Refinancing Company (SRC), one of the Public Investment Fund’s subsidiaries, has signed an agreement to purchase a real estate financing portfolio with Al Bilad Bank. This step strengthens the existing partnership between the two parties and reflects their shared commitment to supporting the residential real estate financing market in the Kingdom.
This agreement is part of a series of future initiatives aimed at expanding cooperation between the bank and the company this year, with the goal of developing the financial and housing sectors in line with Saudi Vision 2030 objectives, which seek to enhance financial sustainability and stimulate economic growth.
The CEO of the Saudi Real Estate Refinancing Company stated, “This agreement is an important step to enhance our financing capabilities and provide financial solutions to funding entities. We value the ongoing partnership with Al Bilad Bank, which will significantly contribute to supporting future securitization plans, promoting the sustainability of the residential real estate financing market, and attracting local and international investments.”
Meanwhile, the CEO of Al Bilad Bank emphasized, “The partnership with the Saudi Real Estate Refinancing Company represents a key phase in supporting and developing the real estate financing sector and advancing the Kingdom’s capital markets. Together, we aim to provide innovative financial solutions that add real value to the financial and housing sectors in alignment with Saudi Vision 2030.”
This agreement extends the existing partnership between the two parties since 2022, which aims to enhance sustainability in the Kingdom’s real estate financing sector and provide suitable residential financing solutions for citizens.
The Saudi Real Estate Refinancing Company was established in 2017 by the Public Investment Fund after obtaining a license from the Saudi Central Bank to operate in real estate refinancing. The company plays a key role in achieving the Housing Program’s objectives under Saudi Vision 2030, which seeks to increase homeownership rates among citizens by providing liquidity to financiers, enabling them to offer accessible residential financing to individuals and working closely with partners to support the Kingdom’s housing ecosystem.
