Riyadh - Sharikat Mubasher: The Saudi Real Estate Refinance Company (SRC), owned by the Public Investment Fund (PIF), signed its second agreement with the Arab National Bank (ANB) to extend its refinancing agreement with an additional SAR 500 million, according to the company’s press release.
The agreement was signed by Majeed Alabduljabbar, CEO of SRC, and Obaid Alrasheed, CEO of ANB, in the presence of Minister of Municipal, Rural Affairs and Housing Majed Al Hogail and other senior officials from both entities.
This deal reflects the commitment of SRC and ANB to supporting sector growth through the provision of convenient real-estate financing solutions to Saudi citizens and making home financing accessible for them, in alignment with Vision 2030.
It also came as part of SRC’s efforts to foster the Saudi home financing market by broadening mortgage refinance and providing SRC solutions to real estate financing entities to support growth.
Commenting on the agreement, Alabduljabbar said: “Through this partnership, we will further increase market liquidity that will enable the origination of new home financing portfolios. This extension is not just a continuation of our successful collaboration but a vital step in our commitment to support the strategic objectives of Vision 2030’s Housing Program.”
For his part, Alrasheed affirmed that the agreement is a testament to the bank’s dedication to supporting the Saudi Vision.
“By increasing the origination of new home financing portfolios, we are not only contributing to strengthening the Kingdom’s financial ecosystem but also the objectives of Vision 2030’s Housing Program,” Alrasheed added.
