The Saudi Real Estate Refinance Company announced:SRCOn signing a strategic agreement with Al-Bilad Bank to purchase a portfolio finance Aqari, in a move aimed at enhancing sustainability in the real estate finance sector within the Kingdom, and providing housing financing solutions that meet citizens' needs.
The agreement was signed in the presence of His Excellency the Minister of Municipal and Rural Affairs and Housing, and Chairman of the Company's Board of Directors, Mr. Majid bin Abdullah Al-Hogail, along with Chairman of the Board of Directors of Bank Albilad, Mr. Nasser bin Mohammed Al-Subaie.
Saudi Real Estate Refinance aims to expand cooperation between the housing and financial sectors.
This agreement reflects the depth of the partnership between the two parties and is an extension of the ongoing cooperation to support the growth of the residential real estate finance sector in the Kingdom.
It also represents part of joint initiatives aimed at expanding cooperation between the residential and financial sectors, in line with the objectives of Saudi Vision 2030, which prioritizes enhancing financial sustainability and stimulating long-term economic growth.
Commenting on the agreement, Majeed bin Fahd Al-Abduljabbar, CEO of the Saudi Real Estate Refinance Company, explained that this partnership represents a qualitative step in the development of the real estate financing system in the Kingdom.
Providing affordable housing solutions for citizens
He pointed out that the agreement enhances the company's ability to provide affordable housing solutions to citizens, supports future securitization plans, contributes to consolidating the sustainability of the real estate market, and attracts more local and international investments to this vital sector.
