The Saudi Real Estate Refinance Company (SRC) signed a partnership agreement with the Arab National Bank in the presence of H.E. Mr. Majid bin Abdullah Al-Hogail, Minister of Municipal and Rural Affairs and Housing, to provide long-term liquidity in the residential real estate finance market to contribute to increasing the ownership rate to 70% by 2030 according to the targets of the housing program, one of the programs of the Kingdom's Vision 2030.
The company explained in a press release today that the agreement comes as an extension of previous agreements with a number of banks and financing providers to purchase real estate financing portfolios with the aim of finding innovative means that enable financiers to manage risks, liquidity and capital adequacy requirements more efficiently within the company's strategic objectives, to promote the growth and stability of the real estate finance market and enable Saudi families to obtain affordable and low-cost housing finance.
The agreement was signed by the CEO of the Saudi Real Estate Refinance Company, Fabrice Sosini, and on the part of the Arab National Bank, Managing Director and CEO Obaid Abdullah Al-Rasheed, as the agreement will contribute to increasing the bank's liquidity, which will help increase residential real estate financing to a larger base of its customers, which is approximately two million citizens.
The CEO of the Saudi Real Estate Refinance Company, Fabrice Sosini, described the agreement as evidence of the company's continuous efforts to support the real estate market in the Kingdom through capital management and risk management for banks; stressing that the company continues to expand in a human way”Strengthening partnerships with real estate finance entities is a key pillar of the company's strategy to sustainably increase affordable housing financing opportunities and diversify financing options for Saudi families to increase the percentage of residential real estate ownership, which contributes to the company's goal of building a strong secondary market in the Kingdom.”

For his part, Chairman of Arab National Bank, Engineer Salah bin Rashid Al-Rashed, expressed the bank's pride in this partnership with Saudi Real Estate Refinance Company, which will enable the bank to recycle the liquidity resulting from the sale process and reinject it back into the financing market for the Kingdom's real estate sector.