Riyadh - Sharikat Mubasher: The Saudi Real Estate Refinance Company (SRC), owned by the Public Investment Fund (PIF), signed an agreement to acquire a SAR 1 billion mortgage portfolio from Bidaya Finance, as part of its mission to bolster the residential real estate finance market in the Kingdom and expand refinancing opportunities.

SRC announced in a statement that the agreement was signed by Majeed Al-Abduljabbar, CEO of SRC, and Mahmoud Dahdouli, CEO of Bidaya Finance, in the presence of the Minister of Municipalities and Housing Majid Al-Hogail and the Chairman of the Board of Directors of Bidaya Finance Abdulaziz Al-Omair.

This portfolio, the largest among mortgage companies, underscores the commitment of both parties to deliver innovative mortgage solutions to citizens, contributing to the Housing Program’s goal of increasing homeownership among citizens.

CEO Abduljabbar emphasized that the agreement came as part of an expanded partnership with Bidaya Finance, aimed at injecting additional liquidity and strengthening stability in the Saudi real estate finance market.

“This agreement is a key step in our efforts to forge strategic partnerships with leading financial institutions, aimed at developing an active secondary market for residential real estate financing in the Kingdom,” Abduljabbar said.

On his part, CEO of Bidaya Finance, said: " This agreement with SRC represents a strategic milestone in strengthening our role in providing innovative financing solutions that contribute to the development of the securities market through mortgage portfolios.”

The PIF established SRC in 2017 to develop Saudi Arabia's real estate finance market, operating in the field of real estate refinancing under the supervision of the Saudi Central Bank (SAMA).