Time: 09 July, 2018
Saudi Real Estate Refinance Company has signed an agreement with Home Finance Company (Bidaya) valued at Billion riyals, to buy a financing portfolio and provide refinancing facilities. This is the company’s second agreement within two weeks.
The Minister of Housing and Chairman of the Governing Council of the Saudi Real Estate Refinance Company, Majed bin Abdullah Al-Hogail, said that the signing of such agreements aims to enhance the ability of the financing parties to provide more financing solutions for the purchase of housing units.SRC plays an important role in the housing sector as the National Transformation Plan 2020and vision 2030as Saudi Arabian seek to increase the number of citizens owning their own homes.
“This agreement is effectively reflected what the company has already confirmed to increase the liquidity of lenders so that they can offer easier and more affordable financing solutions to the citizen,” said Fabrice Sousini, the CEO of SRC, adding: “We seek to enable individuals to obtain the necessary finance to own the home.”
“Our partnership with the SRC will help us expand our range of home finance products and services to ensure a more unique and sustainable experience,” said Mazen Al Ghunaim, CEO of Bidaya.
The agreement between the SRC and Bidaya Home Financing confirms the Ministry of Housing’s commitment to provide more financing solutions to citizens in order to own homes and to promote the growth of the real estate market.
About Saudi Real Estate Refinance Company(SRC):
The Saudi Real Estate Refinance Company (SRC) was established in 2017 with the purpose of developing the housing finance market in the Kingdom of Saudi Arabia (‘KSA’) by enabling the originators to offer long term and short-term financing solutions to home buyers.
SRC plays an important role in the housing sector as the National Transformation Plan 2020 and Vision 2030 as Saudi Arabia seeks to increase the number of citizens owning their own homes from 47% to 52% by 2020.
SRC is owned by the Public Investment Fund (PIF), and licenced to operate in the secondary real estate market by the Saudi Arabian Monetary Authority (SAMA). With a world class management team adhering to international best practice, SRC is uniquely positioned to become the partner of choice for lenders.
As one of its main roles, the SRC provides liquidity to mortgage lenders (mortgage and bank companies), which in turn lightening capital burdens in Capital Relief. This role increases the growth and abundance of financial sector Housing finance, which will lead to an increase in the percentage of housing ownership. Therefore, the company will convert its mortgage portfolios into tradable instruments in local and international financial markets. For more information please visit: http://srco.com.sa
The company is wholly owned by the Public Investment Fund and has been licensed by the Saudi Arabian Monetary Agency (SAMA)
For more information please visit: http://srco.com.sa/
About Bidaya Home Finance Co.:
Bidaya Home Finance Co. has been lunched as a national real estate finance company for Saudi Arabia in 2015.Headquartered in Riyadh.Bidaya is licensed under the Saudi Arabian Monetary Agency (SAMA), and offers professional and reliable to offers Shariah compliant home financial solutions to both customers and partners.
For more information, please visit www.bidaya.com.sa
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