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

Snipefinity showcases innovative trading technology solutions at Money20/20 Middle East
News
Calendar Icon
September 17, 2026
Snipefinity showcases innovative trading technology solutions at Money20/20 Middle East
Read More
Malki: TAM Capital offers all investment options via single digital platform
News
Calendar Icon
September 17, 2026
Malki: TAM Capital offers all investment options via single digital platform
Read More
Alpha Power develops shariah-compliant solar financing platform in Saudi Arabia
News
Calendar Icon
September 17, 2026
Alpha Power develops shariah-compliant solar financing platform in Saudi Arabia
Read More
GlassHub develops AI-powered compliance solutions for Saudi financial sector
News
Calendar Icon
September 17, 2026
GlassHub develops AI-powered compliance solutions for Saudi financial sector
Read More
Future Industrialists initiative launches at SIF 2026 to build industrial human capital
News
Calendar Icon
September 17, 2026
Future Industrialists initiative launches at SIF 2026 to build industrial human capital
Read More
SAL signs 2 MoUs with CIMC to boost Saudi logistics infrastructure
News
Calendar Icon
September 17, 2026
SAL signs 2 MoUs with CIMC to boost Saudi logistics infrastructure
Read More
Capgemini: Businesses accelerate climate adaptation efforts amid growing risks
News
Calendar Icon
September 16, 2026
Capgemini: Businesses accelerate climate adaptation efforts amid growing risks
Read More
Signit launches AI platform ‘Al-Siraj’ at Money20/20 Middle East
News
Calendar Icon
September 16, 2026
Signit launches AI platform ‘Al-Siraj’ at Money20/20 Middle East
Read More
Barq signs multiple deals with local, global partners to expand its footprint
News
Calendar Icon
September 16, 2026
Barq signs multiple deals with local, global partners to expand its footprint
Read More
Al zamar: Sufrah partakes in Money20/20 Middle East to explore new partnerships
News
Calendar Icon
September 16, 2026
Al zamar: Sufrah partakes in Money20/20 Middle East to explore new partnerships
Read More