In the presence of His Excellency the Minister of Housing and Chairman of the Company’s Board of Directors, Mr. Majid bin Abdullah Al-Hogail, the Saudi Real Estate Refinancing Company signed an agreement with the Saudi Housing Finance Company “Sahl” aimed at providing more diverse housing finance solutions at better rates, worth 1.5 billion riyals to purchase a housing finance portfolio currently owned by “Sahl,” in addition to providing short-term financing over an 18-month period to the Saudi Housing Finance Company “Sahl.”
This agreement, the sixth signed by the Saudi Real Estate Refinancing Company, underscores the importance of public-private partnerships in injecting greater liquidity into the housing finance market, which will enable a greater number of citizens to become homeowners. These efforts are part of the drive to achieve Vision 2030“s goals for the housing sector.
The agreement was signed at the Ministry of Housing headquarters by Fabrice Susini, CEO of the Saudi Real Estate Refinancing Company, and Abdul-Ilah Al-Sheikh, CEO of the Saudi Housing Finance Company ”Sahl,“ Abdul-Ilah Al-Sheikh, in the presence of a number of senior executives and board members from both sides.
The CEO of the Saudi Real Estate Refinancing Company explained that this agreement with ”Sahl“ is an important step toward the company’s goal of enabling lenders to offer more housing solutions at better costs, emphasizing the commitment to continuing the partnership with the Saudi Housing Finance Company and various other financing companies and institutions, as these partnerships serve to increase liquidity and enhance the stability of the secondary market for housing finance.
He noted that this agreement is the sixth in the Saudi Refinance Company’s track record, explaining that the total amount injected through the Saudi Refinance Company to increase liquidity in the housing finance market has reached 4.9 billion riyals.
For his part, the CEO of the Saudi Housing Finance Company ”Sahl“ said: ”Reaching this agreement reflects the depth of cooperation between the Saudi Housing Finance Company, the Ministry of Housing, and the Saudi Real Estate Refinance Company,“ emphasizing that this agreement will play a role in developing the housing sector and providing sustainable solutions that enable citizens to easily and conveniently own suitable housing.
He added: ””The diversity of products covers all segments, including retirees from the private and public sectors,” he said, noting that cooperation through this agreement will enable “Sahl” to further diversify its products to meet customer needs and allow more citizens to own their own homes.”
It is worth noting that the Saudi Real Estate Refinancing Company is wholly owned by the Public Investment Fund. Through these agreements, the company has contributed more than 4.9 billion riyals through financing operations and portfolio acquisitions, to create favorable conditions in the residential finance market and allow lenders to offer more and easier residential financing solutions. The company aims to revitalize the Saudi residential real estate sector by enabling lenders to offer financing solutions that better suit the needs of those seeking to own their own homes.
