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

Saudi Arabia ranks 13th globally in 2026 IMD competitiveness ranking
News
Calendar Icon
September 24, 2026
Saudi Arabia ranks 13th globally in 2026 IMD competitiveness ranking
Read More
Monsha’at launches ‘Education Week’ with 40+ participating entities
News
Calendar Icon
September 24, 2026
Monsha’at launches ‘Education Week’ with 40+ participating entities
Read More
MBRIF partners with DFDF to boost UAE startup growth
News
Calendar Icon
September 24, 2026
MBRIF partners with DFDF to boost UAE startup growth
Read More
Dar Ventures partners with Plug and Play to expand DarE’s reach globally
News
Calendar Icon
September 24, 2026
Dar Ventures partners with Plug and Play to expand DarE’s reach globally
Read More
Saudi Ministry of Commerce issues 192K registers in 8M
News
Calendar Icon
September 23, 2026
Saudi Ministry of Commerce issues 192K registers in 8M
Read More
JLL: Riyadh smart technologies could generate billions in economic value
News
Calendar Icon
September 23, 2026
JLL: Riyadh smart technologies could generate billions in economic value
Read More
BlackRock: Saudi Arabia leads Middle East private capital activity
News
Calendar Icon
September 23, 2026
BlackRock: Saudi Arabia leads Middle East private capital activity
Read More
AJi Group expands presence in Kingdom with new facilities management arm
News
Calendar Icon
September 22, 2026
AJi Group expands presence in Kingdom with new facilities management arm
Read More
Visa expands access to its Visa Direct ecosystem across Saudi Arabia
News
Calendar Icon
September 22, 2026
Visa expands access to its Visa Direct ecosystem across Saudi Arabia
Read More
ROSHN, TMG Saudi plan joint venture for Riyadh mixed-use development
News
Calendar Icon
September 21, 2026
ROSHN, TMG Saudi plan joint venture for Riyadh mixed-use development
Read More