The Saudi Real Estate Refinance Company (SRRC) has announced the purchase of a SAR 250 million real estate portfolio from Bank Al Jazira, according to a memorandum of understanding signed by the two parties that allows the possibility of purchasing more real estate portfolios from the bank in the future, and is considered an important step in helping citizens to own homes.<\/p>\n
By purchasing mortgage portfolios from banks, SARL aims to inject more liquidity into the real estate finance market, which will contribute to reducing the cost of real estate financing for citizens.<\/p>\n
The purchase agreement was signed by Fabrice Sosini, CEO of SRRC, and Nabil Alhoushan, CEO and Managing Director of Bank Al Jazira, who affirmed their full commitment to supporting the real estate finance sector in the Kingdom by also signing the MoU that includes several future portfolio purchase agreements between the two parties, ensuring the continuity of liquidity and stability in the housing finance sector.<\/p>\n
\"The agreement with Bank Al Jazira reinforces our commitment to provide liquidity to banks and real estate finance companies and encourage the provision of innovative financing solutions to citizens.<\/p>\n
He added that signing such agreements to purchase real estate finance portfolios helps us achieve the company's strategic goal of refinancing at least 10% of the Kingdom's real estate finance market by the end of 2020, and 20% of the market by 2028.<\/p>","protected":false},"excerpt":{"rendered":"
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