Dear Customer: The Arab Lawyers Network apologizes for the temporary inconvenience related to the verification code via mobile and would like to inform you that the code will be sent via email. Please contact customer services for any further inquiries.

Press Dossier    By Date   20/03/2023 PIF-owned Saudi Real Estate Refinance Co. signs ‘largest-of-its-kind’ deal with Al Rajhi Bank

Arab News, Monday, Mar 20, 2023 | Sha'ban 28, 1444

​​PIF-owned Saudi Real Estate Refinance Co. signs ‘largest-of-its-kind’ deal with Al Rajhi Bank

Saudi Arabia: The Saudi Real Estate Refinance Co., wholly owned by the Public Investment Fund, on Sunday signed an agreement with Al Rajhi Bank to refinance more than worth SR5 billion ($1.33 billion) real estate financing portfolio.

The deal is the largest of its kind in the Saudi banking industry, according to a statement issued by SRC.

The agreement was signed in the presence of the Saudi Minister of Municipal and Rural Affairs and Housing, Majid Al-Hogail. 

SRC CEO Fabrice Susini described the deal as a milestone in the company’s “strategic approach to support the housing market in the Kingdom by providing flexible mortgage solutions to citizens.”

The agreement comes within SRC's strategic partnerships with financing agencies, including banks and real estate finance companies, with the aim of establishing an active and strong secondary market for residential real estate financing, and providing the local market with the necessary liquidity.

Waleed Abdullah Almoqbel, CEO of Al Rajhi Bank, said: “The deal with SRC strategically enhances our mortgage solutions and supports our established capabilities to address the needs of a broad customer base and the increasing demand for home ownership in the Kingdom.”

Page 1 Of 1