The Saudi Real Estate Refinance Company (SRC) - wholly owned by the Public Investment Fund - has entered into a partnership agreement with Banque Saudi Fransi, and this agreement aims to refinance part of the portfolio The bank's real estate finance.
According to Arabiya Net, this agreement is an extension of a previous agreement between the two sides that was made to purchase a real estate financing portfolio affiliated with the bank with the aim of providing long-term liquidity to the local housing market within the company's role In supporting financiers in the Kingdom to develop a secondary real estate financing market.
The agreement was signed by the CEO of the Saudi Real Estate Refinance Company, Fabrice Sosini, and by the bank, the managing director of Banque Saudi Fransi, Ryan Mohamed Fayez. Stabilizing the residential real estate finance market and enabling Saudi families to obtain affordable and low-cost housing finance, which contributes to increasing the proportion of residential ownership to 70% by 2030 in accordance with the objectives of the Iskan Program - one of the programs of the Kingdom's Vision 2030-.
The CEO of the Saudi Real Estate Refinance Company, Fabrice Sousini, explained that the agreement is the second to purchase part of the real estate financing portfolio of Banque Saudi Fransi, and comes as part of an important step to consolidate the model The work of the Saudi Real Estate Refinance Company and its growth, pointing out that the company is working with real estate financiers in the Kingdom to highlight its vital role in developing the local housing market through liquidity and risk management solutions.
He added: Strengthening long-term partnerships with real estate financiers is a fundamental pillar within the company's strategy to build continuous relationships with financing agencies to provide affordable housing and diversify financing options for Saudi families. This contributes to increasing the percentage of home ownership in line with the company's goal of building a strong secondary market in the Kingdom.
In turn, the managing director and CEO of Banque Saudi Fransi, Rayan Mohamed Fayez, said: As one of the primary real estate financiers, it is our responsibility to provide affordable home financing to Saudi citizens with A distinguished experience, noting that this agreement will help the bank meet the needs of a wider segment of citizens, and the Saudi Real Estate Refinancing Company has played an important role in achieving the goals of the housing program in the Kingdom’s Vision 2030, and we, in turn, expect to contribute effectively by supporting the company to provide the highest levels Quality for our customers, as this partnership is a compelling testimony to that.
