Business

Saudi Arabia's PIF unit to buy $200m worth of mortgages


The Saudi Real Estate Refinance Company (SRC), a subsidiary of the Public Investment Fund, has agreed to a SAR 750 million ($200 million) purchase of mortgages from a number of mortgage providers and local banks including Banque Saudi Fransi, the company announced on Saturday.


The agreement was signed by SRC CEO Fabrice Susini and Rayan Mohammed Fayez pm the sidelines of a financial sector conference held in the Saudi capital of Riyadh.


In a statement, SRC said the portfolio acquisition is a reflection of its desire to make further liquidity available in the Saudi housing market, which in turn offers capital relief to lenders and will enable financial institutions to offer more accessible housing finance solutions to homebuyers.


“That said, the agreement will further increase Banque Saudi Fransi’s ability to offer more accessible home buying solutions.”


Founded in 2017, SRC aims to refinance 20 percent of Saudi Arabia’s mortgage market over the next 10 years.


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