SRC and Saudi Awwal Bank Collaborate to Enhance Residential Mortgage Market Stability
The Saudi Real Estate Refinance Company (SRC), a Public Investment Fund (PIF) company, has signed a residential real estate finance portfolio purchase agreement with Saudi Awwal Bank (SAB). The signing ceremony was attended by the Minister of Municipalities and Housing and SRC Board Chairman, Majed Al-Hogail.
The agreement is part of SRC’s ongoing efforts to support the housing ecosystem in the Kingdom and enhance the sustainability of the residential real estate finance market. By providing liquidity to financiers, SRC aims to enable banks and finance companies to expand their offerings, thereby improving market efficiency and helping families access suitable home financing.
Majeed bin Fahad Al-Abduljabbar, CEO of the Saudi Real Estate Refinance Company, stated, “This acquisition from SAB represents a new step in SRC’s ongoing work to support liquidity and sustain financing in the residential real estate market. We are committed to creating a supportive funding environment that enables financiers to continue offering financing products that meet the needs of Saudi families, thereby simplifying the path to homeownership in line with the Housing Program and Saudi Vision 2030.”
Bandar Al-Gheshayan, Chief Wealth & Personal Banking Officer at SAB, commented, “We are pleased to collaborate with SRC on this transaction, which strengthens our capacity to expand real estate offerings and deliver more accessible financing solutions to our customers. We believe this partnership contributes to sustained growth in the housing sector and supports the increase of homeownership among citizens.”
This initiative highlights SRC’s strategic role in developing the secondary real estate finance market in the Kingdom. By providing flexible liquidity and risk management solutions, SRC supports financing sustainability and expands access to homeownership across different regions of Saudi Arabia.
The Saudi Real Estate Refinance Company (SRC) was established by the Public Investment Fund (PIF) in 2017 to develop Saudi Arabia’s real estate finance market. It operates under a license from the Saudi Central Bank (SAMA) in the real estate refinancing sector. SRC plays a key role in achieving the objectives of the Housing Program under Saudi Vision 2030, which aims to increase homeownership rates among Saudi citizens. The company supports this goal by providing liquidity to financiers, enabling them to offer affordable housing finance to individuals. Additionally, SRC works closely with partners to strengthen Saudi Arabia’s housing ecosystem.
