Saudi Real Estate Refinance Company (SRC), a wholly owned subsidiary of the Public Investment Fund, has entered into a joint cooperation agreement with Riyad Bank, to acquire a real estate finance portfolio of the bank worth approximately SAR 500 million, in the presence of H.E. Mr. Majid bin Abdullah Al-Hogail, Minister of Municipal, Rural Affairs and Housing and Chairman of the Board of Directors of the company, and Abdullah bin Mohammed Al-Eisa, Chairman of Riyad Bank.

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The agreement is the second largest real estate refinancing operation witnessed by the banking sector in the Kingdom, which aims to achieve sustainability and provide long-term liquidity in the residential real estate financing market and enhance risk management for real estate financing. The agreement was signed by Fabrice Sosini, CEO of Saudi Real Estate Refinance Company, and Tariq Alsadhan, CEO of Riyad Bank.

The agreement was signed by Fabrice Sosini and Tariq Alsadhan.