Skip to content Skip to Search
Skip navigation

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

By Pramod Kumar
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.

Latest articles

Investor Tim Draper told AGBI the US must 'swing back to freedom' to avoid losing innovation to countries such as the UAE

Tim Draper: UAE benefits from US crypto ‘overregulation’

Billionaire venture capitalist Tim Draper has criticised the US for its restrictive stance on cryptocurrency, claiming it is driving innovators towards more encouraging and friendlier markets such as the UAE. The Gulf state is actively developing regulatory frameworks to lure new forms of business, amid intense regional economic competition. Dubai and Abu Dhabi have set […]

Saudi Arabia’s industry and mineral resources minister Bandar Al-Khorayef. The country is struggling to meet an FDI target of $100bn a year by 2030

Saudi industry minister tempts investors with funding incentives

Saudi Arabia’s ministry of investments and mineral resources is prepared to finance up to 75 percent of industrial projects in the country, as the kingdom tries to boost its low foreign direct investment (FDI) numbers.  Bandar Al-Khorayef, the minister of industry and mineral resourcespointed to well-developed infrastructure across 36 industrial cities, prefabricated factories ready to […]

Women working at a textiles factory in Izmir; Turkish manufacturing has been hit by rising costs and interest rates but economic growth is still anticipated

Turkish manufacturers waver on economic prospects

Turkey’s manufacturers are uncertain about the national economy’s prospects, with a report showing a slowing of new orders and an easing of output partly being offset by stronger inventory increases and expectations of a modest release from inflationary pressures.  The latest survey of Turkish manufacturers, conducted by Istanbul Chamber of Commerce and ratings agency Standard […]