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PIF-backed real estate refinance firm to acquire $133m portfolio

City, Town, Urban 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.

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