<a style="color: #993300;" href="http://srco.com. Saudi Real Estate Refinance Company (SRC), a wholly owned subsidiary of the Public Investment Fund, has signed a SAR 5 billion mortgage portfolio purchase agreement with Al Rajhi Bank, in the presence of H.E. Mr. Majid bin Abdullah Al Hogail, Minister of Municipal, Rural Affairs and Housing and Chairman of the Company's Board of Directors, and Abdullah Al Rajhi, Chairman of Al Rajhi Bank.
This agreement comes in the presence of H.E. the Minister of Municipal, Rural Affairs and Housing and Chairman of the Company's Board of Directors. This agreement, which was signed by Fabrice Sosini, CEO of the company, and Waleed Abdullah Al-Muqbel, Managing Director and CEO of the bank, comes as an extension of the company's continuous efforts to support the residential real estate finance market in the Kingdom, through the expansion of real estate refinancing; providing SRC solutions to mortgage lenders to support growth and financial stability in the real estate finance market, and is the largest agreement of its kind in the Saudi banking sector.
Fabrice Sosini, CEO of Al Rajhi Bank, said: "This agreement is the first of its kind in the Saudi banking sector. <The CEO of <a style="color: #993300;" href="https://amlak.net.This agreement with Al Rajhi Bank is a milestone in our strategic approach to support the Kingdom's thriving housing market by supporting the provision of flexible mortgage solutions to citizens, and comes within our strategic partnerships with financial entities, including banks and real estate finance companies. With the aim of creating an active and strong secondary market for residential real estate financing, providing the local market with the necessary liquidity, as well as enabling more citizens to benefit from flexible residential real estate financing solutions that suit their aspirations and lead to an increase in home ownership rates in the Kingdom, which is in line with the objectives of the Kingdom's Vision 2030.
<This signing is part of a series of agreements between <a style="color: #993300;" href="https://amlak.net. and various leading lenders in the Kingdom, including banks and mortgage companies, the company provides on-balance sheet liquidity and risk management solutions to support the efforts of lenders and mortgage companies and enhance their ability to grow in the real estate finance market to increase home ownership rates in the Kingdom.
Saudi Mortgage Refinance Company.
