Saudi Mortgage Refinance Company has signed its seventh agreement with banks and financial institutions, through the partnership with Saudi British Bank “SABB”, which was signed in the presence of His Excellency the Minister of Housing and Chairman of the Board of Directors of the Saudi Mortgage Refinance Company, Mr. Majid bin Abdullah Al-Hogail, bringing the total amount pumped into the real estate market through these partnerships to SR 6 billion with the aim of providing more diversified housing finance solutions at better prices.
This agreement comes to emphasize the importance of partnership between the public and private sectors to inject more liquidity into the housing finance market, to enable more citizens to own homes, as these efforts come in pursuit of achieving the Kingdom's Vision 2030 regarding the housing sector.
The agreement was signed at the headquarters of the Ministry of Housing between SARR CEO Fabrice Sosini and SABB Managing Director David Dew, in the presence of a number of senior executives and board members from both sides.
The agreement was signed by SARR CEO Fabrice Sosini and SABB Managing Director David Dew. ”This agreement with SABB is an important step towards the company's goal of enabling lenders to provide more and better housing solutions at a better cost,” said Fabrice Sosini, CEO of SABB, stressing the importance of continuing the process of cooperation with banks and various housing finance companies and institutions, as these partnerships will increase the level of liquidity and enhance the stability of the secondary market for housing finance.
He pointed out that this agreement is the seventh in the history of the Saudi Refinance Company, noting that the total amount injected through the Saudi Refinance Company to increase liquidity in the housing finance market amounted to about 6 billion riyals.
For his part, SABB Managing Director David Dew explained that reaching this agreement reflects the depth of the existing cooperation between the Saudi British Bank with the Ministry of Housing and the Saudi Mortgage Refinance Company, stressing that this agreement will have a role in developing the housing sector and providing sustainable solutions that enable the citizen to own the appropriate housing easily and conveniently, as the cooperation through this agreement will allow SABB to diversify more products in line with the desires of customers.
It is noteworthy that the Saudi Real Estate Refinance Company is a company fully owned by the Public Investment Fund, where the company has contributed through these agreements to inject more than 6 billion riyals through financing operations and portfolio acquisitions, to create the appropriate conditions in the housing finance market and allow lenders to provide more and easier housing finance solutions, and the company aims to revitalize the Saudi residential real estate sector by enabling lenders to provide financing solutions that better suit the needs of home ownership seekers.
The agreement was signed at the headquarters of the Ministry of Housing between SARR CEO Fabrice Sosini and SABB Managing Director David Dew, in the presence of a number of senior executives and board members from both sides.
The agreement was signed by SARR CEO Fabrice Sosini and SABB Managing Director David Dew. ”This agreement with SABB is an important step towards the company's goal of enabling lenders to provide more and better housing solutions at a better cost,” said Fabrice Sosini, CEO of SABB, stressing the importance of continuing the process of cooperation with banks and various housing finance companies and institutions, as these partnerships will increase the level of liquidity and enhance the stability of the secondary market for housing finance.
He pointed out that this agreement is the seventh in the history of the Saudi Refinance Company, noting that the total amount injected through the Saudi Refinance Company to increase liquidity in the housing finance market amounted to about 6 billion riyals.
For his part, SABB Managing Director David Dew explained that reaching this agreement reflects the depth of the existing cooperation between the Saudi British Bank with the Ministry of Housing and the Saudi Mortgage Refinance Company, stressing that this agreement will have a role in developing the housing sector and providing sustainable solutions that enable the citizen to own the appropriate housing easily and conveniently, as the cooperation through this agreement will allow SABB to diversify more products in line with the desires of customers.
It is noteworthy that the Saudi Real Estate Refinance Company is a company fully owned by the Public Investment Fund, where the company has contributed through these agreements to inject more than 6 billion riyals through financing operations and portfolio acquisitions, to create the appropriate conditions in the housing finance market and allow lenders to provide more and easier housing finance solutions, and the company aims to revitalize the Saudi residential real estate sector by enabling lenders to provide financing solutions that better suit the needs of home ownership seekers.
