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

Nemetschek Arabia, SFMA join forces to drive smart facilities management
News
Calendar Icon
February 17, 2026
Nemetschek Arabia, SFMA join forces to drive smart facilities management
Read More
SVC launches proprietary intelligence platform Aian
News
Calendar Icon
February 16, 2026
SVC launches proprietary intelligence platform Aian
Read More
SABIC signs agreement to supply rubber materials for PIF–Pirelli tire plant
News
Calendar Icon
February 16, 2026
SABIC signs agreement to supply rubber materials for PIF–Pirelli tire plant
Read More
Vision Ventures announces strategic investment in DEEP.SA
News
Calendar Icon
February 16, 2026
Vision Ventures announces strategic investment in DEEP.SA
Read More
QCDC, Snoonu join forces to expand digital transformation in Qatar
News
Calendar Icon
February 16, 2026
QCDC, Snoonu join forces to expand digital transformation in Qatar
Read More
Savvy Group in talks to buy Moonton for more than $6bn
News
Calendar Icon
February 15, 2026
Savvy Group in talks to buy Moonton for more than $6bn
Read More
Backed by AstroLabs, AirX expands into Saudi Arabia after GACA approval
News
Calendar Icon
February 15, 2026
Backed by AstroLabs, AirX expands into Saudi Arabia after GACA approval
Read More
Aramco partners with Microsoft to advance industrial AI in Saudi Arabia
News
Calendar Icon
February 15, 2026
Aramco partners with Microsoft to advance industrial AI in Saudi Arabia
Read More
MODON signs SAR 4.26 bn deals to localize military industries
News
Calendar Icon
February 12, 2026
MODON signs SAR 4.26 bn deals to localize military industries
Read More
Emergence fully acquires UAE’s AlgoDriven to offer superior AI data solutions
News
Calendar Icon
February 12, 2026
Emergence fully acquires UAE’s AlgoDriven to offer superior AI data solutions
Read More