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

Events Fund to develop 20 projects worth SAR 8 bn in five years
News
Calendar Icon
December 10, 2025
Events Fund to develop 20 projects worth SAR 8 bn in five years
Read More
Qai, Brookfield establish $20bn JV to advance AI infrastructure
News
Calendar Icon
December 10, 2025
Qai, Brookfield establish $20bn JV to advance AI infrastructure
Read More
36 startups showcase innovative water technologies at IDWS 2025 Deal Day
News
Calendar Icon
December 10, 2025
36 startups showcase innovative water technologies at IDWS 2025 Deal Day
Read More
SME Bank signs 19 deals exceeding SAR 3 bn during MOMENTUM 2025
News
Calendar Icon
December 10, 2025
SME Bank signs 19 deals exceeding SAR 3 bn during MOMENTUM 2025
Read More
SDAIA announces ICAN 2026 to advance national AI and data talent
News
Calendar Icon
December 9, 2025
SDAIA announces ICAN 2026 to advance national AI and data talent
Read More
Cyberani, KPMG form strategic partnership to strengthen Saudi cybersecurity
News
Calendar Icon
December 9, 2025
Cyberani, KPMG form strategic partnership to strengthen Saudi cybersecurity
Read More
Capgemini unveils top five tech trends in 2026
News
Calendar Icon
December 9, 2025
Capgemini unveils top five tech trends in 2026
Read More
Evercore secures license to launch Saudi operations
News
Calendar Icon
December 9, 2025
Evercore secures license to launch Saudi operations
Read More
Kearney: AI spending driving strong momentum for Saudi cities
News
Calendar Icon
December 9, 2025
Kearney: AI spending driving strong momentum for Saudi cities
Read More
IBM expands Saudi footprint after training 500,000 in AI
News
Calendar Icon
December 9, 2025
IBM expands Saudi footprint after training 500,000 in AI
Read More