The Saudi Real Estate Refinance Company (SRC), a Public Investment Fund (PIF) entity, has entered into a portfolio acquisition agreement with Arab National Bank. The signing took place in the presence of His Excellency Majid bin Abdullah Al-Hogail, Minister of Municipalities and Housing and Chairman of SRC’s Board of Directors, along with Eng. Salah Rashid Al-Rashed, Chairman of Arab National Bank’s Board.
This agreement reinforces the strategic alliance between the two institutions and underscores their joint commitment to advancing the growth and sustainability of the Kingdom’s real estate finance sector. It aims to boost liquidity for lenders while facilitating homeownership for Saudi citizens through innovative financing solutions aligned with the Housing Program under Saudi Vision 2030, which targets a 70% homeownership rate.
Majeed Fahd Al-Abduljabbar, CEO of SRC, emphasized that the agreement represents a unified vision with Arab National Bank to expand homeownership opportunities by fostering a more sustainable and efficient secondary real estate finance market. “It aligns with the ambitions of the coming phase and enhances the sector’s appeal to both local and international investors,” he stated.
Obaid bin Abdullah Al-Rasheed, CEO of Arab National Bank, described the collaboration with SRC as a strategic milestone within the bank’s broader efforts to offer innovative financing options that contribute to market development and long-term stability. “This collaboration will contribute to establishing a strong and effective real estate market built on efficiency and trust,” he said.
This partnership forms part of a broader set of initiatives driven by the Ministry of Municipalities and Housing to empower citizens and create a robust, integrated financing framework that supports both housing and economic objectives in the Kingdom.
Established in 2017 by the Public Investment Fund, the Saudi Real Estate Refinance Company is licensed by the Saudi Central Bank (SAMA) to support the development of the real estate finance sector. SRC plays a central role in achieving the Housing Program objectives under Vision 2030 by supplying liquidity to lenders and enabling them to offer accessible home financing. The company also collaborates with various partners to reinforce Saudi Arabia’s housing ecosystem.
