Saudi Real Estate Refinance Company (SRC), fully owned by the Public Investment Fund (PIF), has prolonged its refinancing arrangement with Alrajhi Bank by an additional SAR 5.8B, elevating the cumulative value of refinancing agreements between the two entities to SAR 10.8B.
Established in 2017 by PIF and licensed by the Saudi Central Bank, SRC operates in the market as part of government initiatives supporting the Vision 2030 Housing Program.
Its focus is on fostering the growth of housing finance in Saudi Arabia and establishing a secondary housing finance market.
Majeed Fahad Alabduljabbar, CEO of SRC, expressed, “Extending our partnership with Alrajhi Bank underscores our joint commitment to contribute to the expansion of the kingdom’s housing market. Strengthening ties with prominent financial institutions, our objective remains clear: to establish a benchmark secondary housing finance market in the kingdom.”
The extension of this agreement signifies a significant step towards advancing the goals of the Vision 2030 Housing Program, aiming to enhance accessibility to home financing and consequently promote increased rates of home ownership.
In other developments, in November 2023, SRC successfully concluded its latest sukuk issuance, amounting to SAR 3.5B. This issuance, featuring five and seven-year dual tenors, represents the final two tranches under its SAR20bn government-guaranteed sukuk programme, according to Gulf Business.
