Saudi Mortgage Refinance Company (SMRC) revealed the purchase of a real estate finance portfolio worth SAR 250 million from Bank Al Jazira, according to a memorandum of understanding signed by the two parties that allows the possibility of purchasing more real estate portfolios from the bank in the future, an important step in helping citizens to own homes.

Saudi Mortgage Refinance Company aims to inject more liquidity into the real estate finance market, which contributes to reducing the cost of mortgage financing for citizens.

Saudi Mortgage Refinance Company aims to buy real estate finance portfolios from banks.

The purchase agreement was signed by Fabrice Sosini, CEO of the Saudi Mortgage Refinance Company, and Nabil Al Hoshan, CEO and Managing Director of Bank Al Jazira, who affirmed their full commitment to support the real estate finance sector in the Kingdom by also signing a memorandum of understanding that includes several future portfolio purchase agreements between the two parties, ensuring continued liquidity and stability in the housing finance sector.

The purchase agreement was signed by Fabrice Sosini, CEO of the Saudi Mortgage Refinance Company, and Nabil Al Hoshan, CEO and Managing Director of Bank Al Jazira.

He said that the agreement with Bank Al Jazira reinforces our commitment to provide liquidity to banks and real estate finance companies and encourage the provision of innovative financing solutions for citizens.

He added that signing such agreements to purchase real estate finance portfolios helps us achieve the company's strategic goal of refinancing at least 10% of the Kingdom's real estate finance market by the end of 2020, and 20% of the market by 2028.

He said.