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

Fintech Galaxy gets IPA from CBUAE to operate as Open Finance provider
News
Calendar Icon
August 20, 2026
Fintech Galaxy gets IPA from CBUAE to operate as Open Finance provider
Read More
Aramco’s Prosperity7 Ventures invests in Velaura AI’s $110mn Series A round
News
Calendar Icon
August 20, 2026
Aramco’s Prosperity7 Ventures invests in Velaura AI’s $110mn Series A round
Read More
HUMAIN unveils AI PC developed with Qualcomm
News
Calendar Icon
August 20, 2026
HUMAIN unveils AI PC developed with Qualcomm
Read More
Ajman Bank, Numou partner to expand Shari’ah-compliant SME financing
News
Calendar Icon
August 20, 2026
Ajman Bank, Numou partner to expand Shari’ah-compliant SME financing
Read More
Saudi Azm integrates 5 AI agents into its workforce
News
Calendar Icon
August 19, 2026
Saudi Azm integrates 5 AI agents into its workforce
Read More
Forbes Middle East announces Healthcare Leaders Summit Riyadh 2026
News
Calendar Icon
August 19, 2026
Forbes Middle East announces Healthcare Leaders Summit Riyadh 2026
Read More
Najm, Solera partner to accelerate AI-powered claims transformation in Kingdom
News
Calendar Icon
August 19, 2026
Najm, Solera partner to accelerate AI-powered claims transformation in Kingdom
Read More
BENEFIT launched ‘Digital Direct Debit’ service to advance lending in Bahrain
News
Calendar Icon
August 19, 2026
BENEFIT launched ‘Digital Direct Debit’ service to advance lending in Bahrain
Read More
Dubai Chambers partners with Trendyol to support SMEs
News
Calendar Icon
August 19, 2026
Dubai Chambers partners with Trendyol to support SMEs
Read More
BinDawood acquires 51% stake in Wonder Bakery for AED 114 mn
News
Calendar Icon
August 19, 2026
BinDawood acquires 51% stake in Wonder Bakery for AED 114 mn
Read More