The Saudi Real Estate Refinance Company, wholly owned by the Public Investment Fund, announced yesterday, Saturday, the signing of its third agreement with the General Organization for Social Insurance, worth two billion riyals, with the aim of refinancing a portfolio Masaken Program funded by the Foundation.
The company explained in a press statement that the agreement is an extension of two previous agreements, bringing the total value of the refinancing agreements between the two sides to 5 billion riyals, as part of the strategic partnership to enhance the liquidity of residential real estate financing. To facilitate the ownership of Saudi families by benefiting from the Masaken program launched by the Foundation in 2007, and to achieve the objectives of the Housing Program, one of the programs of the Kingdom's Vision 2030, to reach a 70% ownership rate by 2030.
