The Saudi Real Estate Refinancing Company —a subsidiary of the Public Investment Fund—signed an agreement to purchase a residential mortgage financing portfolio from First Saudi Bank, in the presence of His Excellency the Minister of Municipalities and Housing and Chairman of the Board of Directors of the Saudi Real Estate Refinancing Company, Mr. Majid bin Abdullah Al-Hogail.

Supporting the Housing System
This step is part of the company’s efforts to support the Kingdom’s housing system and enhance the sustainability of the residential mortgage marketresidential mortgage market by providing liquidity to financing institutions and enabling them to expand the scope of their services. The purchase aims to improve the efficiency of the residential mortgage market by providing banks and finance companies with more flexible financing options, enabling them to continue meeting the growing demand for home ownership, and enhancing families“ ability to access appropriate financing.

Majid Al-Abduljabbar, CEO of the Saudi Real Estate Refinancing Company, explained that the purchase from ”Al-Awwal” represents a new step in the company’s journey toward enhancing liquidity and ensuring the sustainability of financing in the residential real estate market, as efforts are underway to create a financing environment that supports lenders and enables them to continue offering products tailored to the needs of Saudi families, thereby facilitating the journey toward homeownership in line with the objectives of the Housing Program and the Kingdom’s Vision 2030.

Developing the Mortgage Market
This initiative reflects the pivotal role of the Saudi Real Estate Refinance Company in developing the secondary mortgage market, and providing flexible liquidity and risk management solutions, thereby supporting the sustainability of financing and expanding the base of beneficiaries across the Kingdom.
It is worth noting that the Saudi Real Estate Refinancing Company was established by the Public Investment Fund in 2017 with the aim of developing the Kingdom’s real estate finance market, after obtaining a license from the Saudi Central Bank to operate in the field of real estate refinancing, The company plays a key role in achieving the housing program’s targets under the Kingdom’s Vision 2030, which aims to increase the homeownership rate among Saudi citizens by providing liquidity to lenders to enable them to offer affordable housing finance to individuals, and working closely with partners to support the Kingdom’s housing system.