The Saudi Real Estate Refinancing Company signed a refinancing agreement with Amlak International worth one billion riyals, in the presence of His Excellency the Minister of Housing and Chairman of the Board of Directors of the Saudi Real Estate Refinancing Company, Mr. Majid bin Abdullah Al-Hogail.<\/p>\n
This agreement is the first signed by the Saudi Real Estate Refinancing Company in 2018, and it involves the purchase of real estate financing portfolios as well as short-term direct financing under a murabaha arrangement, which will enable the company to improve and increase its financing capacity in the future.<\/p>\n
Fabrice Susini, the company\u2019s CEO, said: \u201cWe thank the Amlak International team for their decision and their trust, but this is only the beginning of the journey. We will continue our efforts to revitalize the housing finance sector in the Kingdom and enable lenders to offer financing solutions that better suit the needs of citizens seeking opportunities to own their own homes, and we will help create more suitable financing options that benefit both lenders and borrowers.\u201d.<\/p>\n
It is worth noting that the Saudi Real Estate Refinancing Company previously entered into two similar refinancing agreements late last year, underscoring its growing role in stimulating the Saudi housing market.<\/p>\n
For his part, Abdullah bin Turki Al-Sudairi, CEO of Amlak International, stated that \u201cAmlak International is the first company to be granted a license to engage in real estate financing in the Kingdom, and we recognize the need to work with the public sector to develop the Kingdom\u2019s real estate market.\u201d.<\/p>\n
It is worth noting that the Saudi Real Estate Refinancing Company was established in late 2017 and is wholly owned by the Public Investment Fund, with the aim of creating a secondary market for real estate financing in the Kingdom, The company also aims to strengthen the performance of the real estate sector, increase its contribution to GDP, and raise the homeownership rate to 52% by 2020. The real estate market is expected to grow from 280 billion riyals in 2017 to 500 billion riyals by 2020.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>The Saudi Real Estate Refinance Company (SRRC) has signed a refinancing agreement with Amlak International, in the presence of His Excellency the Minister of Housing and Chairman of the Board of Directors of SRRC, Mr. Majid bin Abdullah Al-Hogail. The agreement is the first one signed by SREC in 2018, and includes the purchase of real estate finance portfolios ... 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