SRC and Bank Albilad Sign Real Estate Finance Portfolio Purchase Agreement to Support Saudi Housing Sector
The Saudi Real Estate Refinance Company (SRC), a company owned by the Public Investment Fund (PIF), has signed a significant real estate finance portfolio purchase agreement with Bank Albilad, further solidifying a strategic partnership aimed at bolstering the Kingdom’s residential real estate finance market.
The signing ceremony was held in the presence of His Excellency Majid bin Abdullah Al-Hogail, Minister of Municipalities and Housing and Chairman of SRC, and Mr. Nasser bin Mohammed Al-Subaie, Chairman of Bank Albilad. This agreement is part of a broader framework of collaboration between the two institutions, with future initiatives planned to strengthen the Kingdom’s financial and housing sectors.
Majeed bin Fahed Al-Abduljabbar, CEO of SRC, remarked:
“This agreement marks an important milestone in strengthening our refinancing capabilities and in offering financing solutions for Saudi citizens. We value our continued partnership with Bank Albilad, which will play a key role in advancing future securitization plans, enhancing the sustainability of the residential real estate finance market, and attracting both local and international investment.”
Abdulaziz Al-Anizan, CEO of Bank Albilad, commented:
“Our partnership with SRC represents a pivotal step in supporting and developing the Kingdom’s real estate finance sector, while contributing to the ongoing evolution of Saudi capital markets. Together, we aim to deliver innovative financial solutions that create real value for both the financial and housing sectors, in line with Vision 2030.”
This agreement builds upon a long-standing collaboration between SRC and Bank Albilad, which began in 2022. The shared goal is to promote sustainable housing finance options and increase homeownership among Saudi citizens—key objectives under the Saudi Vision 2030 Housing Program.
Founded in 2017 by the Public Investment Fund, SRC plays a critical role in developing the Kingdom’s mortgage market. It is licensed by the Saudi Central Bank (SAMA) and provides liquidity to lenders, enabling them to offer affordable housing finance solutions. Through partnerships with financial institutions like Bank Albilad, SRC contributes to building a resilient and accessible housing ecosystem in Saudi Arabia.
