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

Inception, Visa join efforts to accelerate agentic commerce adoption
News
Calendar Icon
January 26, 2026
Inception, Visa join efforts to accelerate agentic commerce adoption
Read More
Savvy Games inks MoU with NEOM to foster Saudi gaming startups
News
Calendar Icon
January 26, 2026
Savvy Games inks MoU with NEOM to foster Saudi gaming startups
Read More
Riyadh Air partners with NSG for high-speed in-flight Wi-Fi
News
Calendar Icon
January 26, 2026
Riyadh Air partners with NSG for high-speed in-flight Wi-Fi
Read More
Manara, AWS sign $2.8mn upskilling agreement in MENA
News
Calendar Icon
January 26, 2026
Manara, AWS sign $2.8mn upskilling agreement in MENA
Read More
Qadi, Core42 partner to power sovereign AI compliance in UAE
News
Calendar Icon
January 26, 2026
Qadi, Core42 partner to power sovereign AI compliance in UAE
Read More
Real Estate Future Forum 2026 opens in Riyadh
News
Calendar Icon
January 26, 2026
Real Estate Future Forum 2026 opens in Riyadh
Read More
Open World launches Saudi Arabia’s 1st RWA tokenization center
News
Calendar Icon
January 25, 2026
Open World launches Saudi Arabia’s 1st RWA tokenization center
Read More
New Murabba pacts with Ministry of Industry to enhance local content
News
Calendar Icon
January 25, 2026
New Murabba pacts with Ministry of Industry to enhance local content
Read More
Saudi Arabia secures major AI, industry, sustainability agreements in Davos
News
Calendar Icon
January 25, 2026
Saudi Arabia secures major AI, industry, sustainability agreements in Davos
Read More
Cyberme completes 2nd startup cohort, announces 3rd round
News
Calendar Icon
January 25, 2026
Cyberme completes 2nd startup cohort, announces 3rd round
Read More