Damanat pacts with SRC to guarantee residential mortgage portfolios

user icon
NOHA.GAD
calender icon
Oct 9, 2024
article image

Riyadh - Sharikat Mubasher: The Saudi Mortgage Guarantees Services Company (Damanat) signed a memorandum of understanding (MoU) with the Saudi Real Estate Refinance Company (SRC) to expand financing coverage and achieve a more inclusive real estate financing market in the Kingdom.

This partnership aims to guarantee the residential mortgage portfolios owned by SRC and the portfolios being acquired, reducing financing costs for target segments and increasing the number of beneficiaries, the company announces in a statement.

The MoU was signed by Hossam Radwan, CEO of Damanat, and Majeed Al-Abduljabbar, CEO of SRC, in the presence of the Minister of Municipalities and Housing Majed Al Hogail.

Through this collaboration, both parties will join efforts to raise the attractiveness of the real estate finance market by developing the secondary market for real estate financing and attracting more local and global investors by enhancing the creditworthiness of the real estate financing portfolios owned by SRC.

SRC’s Al-Abduljabbar stated that the partnership reflects the company’s commitment to realizing Vision 2030’s goals by strengthening the real estate finance market, increasing the rate of homeownership among citizens, and attracting more local and international investors.

Meanwhile, Damanat’s CEO said: “This agreement is part of our efforts to provide integrated financing solutions that enable a broader segment of society to access affordable real estate financing, thereby enhancing citizens' opportunities to own their homes and contributing to the development of the real estate sector in the Kingdom.”

It is worth noting that SRC is currently working with its partners to continue developing a secondary market that supports the real estate finance sector in the Kingdom.


Share

Related News

AIREV closes strategic funding backed by Singapore’s Terra Invest
News
Calendar Icon
November 4, 2026
AIREV closes strategic funding backed by Singapore’s Terra Invest
Read More
Over 1K foreign establishments from 45 countries enter Saudi market in October
News
Calendar Icon
November 4, 2026
Over 1K foreign establishments from 45 countries enter Saudi market in October
Read More
HUMAIN adds CNTXT to its full-stack AI platform
News
Calendar Icon
November 4, 2026
HUMAIN adds CNTXT to its full-stack AI platform
Read More
Aramco Ventures makes strategic investment in Finnish ROTOBOOST
News
Calendar Icon
November 4, 2026
Aramco Ventures makes strategic investment in Finnish ROTOBOOST
Read More
PIF raises $3bn credit facilities to strengthen cooperation with Italian businesses
News
Calendar Icon
November 3, 2026
PIF raises $3bn credit facilities to strengthen cooperation with Italian businesses
Read More
OpenAI concludes four deals to deploy its technology across Abu Dhabi-based entities
News
Calendar Icon
November 3, 2026
OpenAI concludes four deals to deploy its technology across Abu Dhabi-based entities
Read More
Dubai Digital Economy Chamber, Alibaba Cloud collaborate to advance agentic AI adoption
News
Calendar Icon
November 3, 2026
Dubai Digital Economy Chamber, Alibaba Cloud collaborate to advance agentic AI adoption
Read More
Saudi PMI eases to 54, non-oil growth streak reaches seven months
News
Calendar Icon
November 3, 2026
Saudi PMI eases to 54, non-oil growth streak reaches seven months
Read More
Dubai Future District, Buimerc partner to support Dubai’s VC ecosystem
News
Calendar Icon
November 2, 2026
Dubai Future District, Buimerc partner to support Dubai’s VC ecosystem
Read More
Commercial franchise registrations in Saudi Arabia rise by 53% in 9M
News
Calendar Icon
November 2, 2026
Commercial franchise registrations in Saudi Arabia rise by 53% in 9M
Read More