Banking & Finance PIF-backed real estate refinance firm to acquire $133m portfolio By Pramod Kumar August 19, 2022, 6:48 AM Creative Commons The agreement is the second largest mortgage refinancing deal in the Kingdom Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund, has signed an agreement with Riyad Bank to acquire SAR500 million ($133.13 million) worth of real estate financing portfolio. The agreement is the second largest mortgage refinancing deal in the kingdom, the company said in a statement. Fabrice Susini, CEO of SRC, stated that the agreement is part of the firm’s continued drive to expand and strengthen its partnerships with Saudi banks and lenders. “Through these agreements, SRC provides liquidity and risk management solutions to support lenders and originators’ efforts to de-risk their balance sheets and enhance both their origination and distribution capabilities,” he added. Under the Vision 2030 programme, Saudi Arabia aims to raise the percentage of residential ownership from 47 percent to more than 60 percent.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 2 hours ago
Tax $660m a year ‘sin tax’ target set by Kuwait Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 1 hour ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 51 mins ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 5 mins ago
