The Saudi Real Estate Refinancing Company announced the refinancing of refinancing of real estate portfolios totaling over 28 billion riyals, while the value of credit facilities for finance companies was 8.4 billion, which were rolled over for a period of four years, while the value of the portfolios that the company has refinanced since its establishment to date has reached approximately 19.5 billion riyals, involving most Saudi banks, real estate finance companies, and relevant government agencies.”

Majid Al-Abduljabbar, Deputy CEO for Business and Markets at the Saudi Real Estate Refinancing Company, explained that the number of these entities reached 13, and work is underway with seven others, which will set a precedent for refinancing with all licensed real estate financiers, thereby making refinancing smoother whenever the need arises.

Al-Abduljabbar noted that the volume of sukuk issued by the company from 2018 to date has reached 6.7 billion riyals, while the company plans to launch an international sukuk program after obtaining the necessary regulatory approvals as part of the company’s strategy to diversify its funding sources.