This is the second refinancing agreement between SRC and ANB
The Saudi Real Estate Refinance Company (SRC), a Public Investment Fund (PIF) company, has significantly extended its refinancing agreement with the Arab National Bank (ANB) by an additional SAR 500 million. This marks a pivotal moment in the partnership between the two entities, as it is the second refinancing agreement, demonstrating their ongoing commitment to the housing market.
The agreement, signed by Majeed Fahad Alabduljabbar, CEO of SRC and Obaid Al-Rasheed, CEO of ANB, in the presence of His Excellency Majed Al-Hogail Minister of Municipal, Rural Affairs and Housing and Chairman of SRC, and Mr Salah Al-Rashed, Chairman of Arab National Bank, is a testament to SRC’s unwavering dedication to supporting the Kingdom’s home financing market. By expanding mortgage refinance and providing SRC solutions to real estate financing entities, SRC is actively contributing to the housing market’s growth in line with Vision 2030’s Housing Program objectives.
This is the second refinancing agreement between both the parties. This reflects both parties’ commitment to supporting sector growth by providing convenient real-estate financing solutions to Saudi citizens, making home financing accessible in line with Vision 2030’s Housing Program objectives.
Majeed Fahad Alabduljabbar, CEO of SRC, said, “With our shared vision to support the Kingdom’s housing market and enable accessible home financing solutions for Saudi citizens, we are pleased to extend our partnership with ANB. Through this partnership, we will further increase market liquidity, enabling the origination of new home financing portfolios. This extension is not just a continuation of our successful collaboration but a vital step in our commitment to support the strategic objectives of Vision 2030’s Housing Program.”
Obaid Alrasheed, CEO of the Arab National Bank, said, ” We are honoured to continue our strategic partnership with SRC, reinforcing our joint commitment to the Kingdom’s housing sector. This enhanced agreement is a testament to our dedication to supporting the national vision. By increasing the origination of new home financing portfolios, we contribute to strengthening the Kingdom’s financial ecosystem and the objectives of Vision 2030’s Housing Program.”
The former has signed a series of refinancing agreements with leading banks and mortgage finance companies in the Kingdom to broaden Saudi citizens’ access to home financing solutions. Through these agreements, and they provide liquidity, capital management, and balance sheet de-risking solutions to enhance home financiers’ and originators’ financing capacity.
SRC was established in 2017 by the Public Investment Fund after obtaining a license from the Saudi Central Bank to operate in the market and as part of the Vision 2030 Housing Program. It is the pillar and a significant catalyst for the growth and sustainability of housing finance in the Kingdom and the establishment of a secondary housing finance field. In line with its vision, SRC aims to provide innovative real estate refinancing solutions and is committed to supporting real estate finance companies with liquidity, enabling growth in the home financing sector to increase homeownership rates among Saudi citizens.