The Saudi Real Estate Refinance Company (SRC), a subsidiary of the Public Investment Fund (PIF), has signed an agreement with Alawwal Bank, a leading bank in the kingdom, to acquire a residential mortgage portfolio.
The agreement forms part of the SRC’s efforts to support the housing sector and enhance the sustainability of the residential mortgage market by providing liquidity to financing institutions, enabling them to expand their services and meet growing demand, said a statement from SRC.
The signing ceremony was attended by the Minister of Municipalities and Housing and SRC Board Chairman Majed Al-Hogail.
The acquisition is expected to improve market efficiency by offering banks and finance companies more flexible funding options, helping families access suitable home financing, it stated.
Established by PIF in 2017 and licensed by the Saudi Central Bank, the SRC plays a central role in achieving the objectives of the Housing Program under Vision 2030 by strengthening the real-estate finance ecosystem and increasing homeownership rates among Saudi citizens.-TradeArabia News Service
