Saudi Real Estate Refinance Company Signs Portfolio Acquisition Agreement with Arab National Bank
The Saudi Real Estate Refinance Company (SRC), a subsidiary of the Public Investment Fund (PIF), has signed a portfolio acquisition agreement with Arab National Bank, reinforcing their long-term strategic partnership to advance the Kingdom’s real estate finance sector.
The agreement was signed in the presence of His Excellency Majid bin Abdullah Al-Hogail, Minister of Municipalities and Housing and Chairman of SRC’s Board of Directors, and Eng. Salah Rashid Al-Rashed, Chairman of the Board of Arab National Bank.
The collaboration aims to enhance liquidity for lenders, facilitate innovative financing solutions, and support Saudi Vision 2030’s Housing Program goal of achieving 70% home ownership among citizens.
Driving Sustainable Home Ownership
Majeed Fahd Al-Abduljabbar, CEO of SRC, stated that the agreement reflects a shared vision with Arab National Bank to create a more efficient and sustainable secondary real estate finance market. He emphasized its role in attracting local and international investment while enabling greater access to home ownership for Saudi citizens.
Obaid bin Abdullah Al-Rasheed, CEO of Arab National Bank, described the partnership as a strategic step toward delivering innovative financing options that drive market sustainability. He expressed confidence in the collaboration’s ability to strengthen the sector’s foundations, ensuring efficiency, trust, and long-term growth.
Aligned with Saudi Vision 2030 Goals
The initiative supports the Ministry of Municipalities and Housing’s broader efforts to empower citizens and establish a stable financing environment that advances both housing and economic objectives in the Kingdom.
Established in 2017 by the Public Investment Fund, SRC operates under a license from the Saudi Central Bank (SAMA) to develop Saudi Arabia’s real estate finance market. The company plays a central role in providing liquidity to lenders, enabling them to offer affordable real estate finance, and fostering an integrated housing ecosystem in line with Saudi Vision 2030.
