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

SIC invests in Khwarizmi Venture Capital Fund II
News
Calendar Icon
May 14, 2026
SIC invests in Khwarizmi Venture Capital Fund II
Read More
KACST launches ‘Venture Readiness Program’ with Keheilan Fund
News
Calendar Icon
May 14, 2026
KACST launches ‘Venture Readiness Program’ with Keheilan Fund
Read More
VCM pacts with Lenovo, ClimeCo to accelerate sustainable industrial growth in Kingdom
News
Calendar Icon
May 14, 2026
VCM pacts with Lenovo, ClimeCo to accelerate sustainable industrial growth in Kingdom
Read More
AI consulting firm Kudo Advisory launches regional operations in UAE
News
Calendar Icon
May 14, 2026
AI consulting firm Kudo Advisory launches regional operations in UAE
Read More
Report: Saudi e-commerce users demand secure AI-powered payments
News
Calendar Icon
May 13, 2026
Report: Saudi e-commerce users demand secure AI-powered payments
Read More
EXIM Bank joins hands with Alinma Bank to support SME financing
News
Calendar Icon
May 13, 2026
EXIM Bank joins hands with Alinma Bank to support SME financing
Read More
AppyThings expands to Saudi Arabia with launch of AppyThings Arabia
News
Calendar Icon
May 13, 2026
AppyThings expands to Saudi Arabia with launch of AppyThings Arabia
Read More
RAPP MENA expands into Saudi Arabia with support from AstroLabs
News
Calendar Icon
May 12, 2026
RAPP MENA expands into Saudi Arabia with support from AstroLabs
Read More
Nutanix unveils new capabilities to empower organizations in Saudi Arabia
News
Calendar Icon
May 12, 2026
Nutanix unveils new capabilities to empower organizations in Saudi Arabia
Read More
Solutions+, Inception join forces to expand AI adoption in GCC
News
Calendar Icon
May 12, 2026
Solutions+, Inception join forces to expand AI adoption in GCC
Read More