With one billion riyals.. Signing an agreement to enhance the real estate financing market in the Kingdom

The Saudi Real Estate Refinancing Company (SRC), one of the Public Investment Fund companies, signed an agreement to purchase a real estate financing portfolio worth one billion Saudi riyals with Bedaya Finance Company, in the presence of the Minister of Municipalities and Housing, Chairman of the Board of Directors of the Saudi Real Estate Refinancing Company, Majed bin Abdullah Al-Hogail, and the Chairman of the Board of Directors of the Saudi Real Estate Refinancing Company (SRC). Board of Directors of Bedaya Finance Company, Abdulaziz bin Saleh Al-Omair.
The agreement, signed by the CEO of the Saudi Refinancing Company, Majeed bin Fahd Al-Abdul-Jabbar, and the CEO of Bedaya Finance Company, Mahmoud bin Salim Dahdouli, comes as an extension of the company’s ongoing efforts to enhance the residential real estate financing market in the Kingdom and expand in the field of refinancing.

Housing program objectives

The deal is the largest agreement of its kind for financing companies, which reflects the commitment of both parties to providing innovative real estate financing solutions to citizens and contributing to achieving – one of the Saudi Vision 2030 programs – which aims to increase the percentage of Saudi families owning homes.
The CEO of the Saudi Real Estate Refinancing Company explained that the agreement comes within the framework of expanding the partnership with Bidaya Finance Company, as it will contribute to pumping more liquidity and enhancing stability in the real estate financing market in the Kingdom.

Saudi Vision 2030

He added that the agreement represents an important step in achieving the strategic objectives of the housing program, by contributing to increasing citizens’ ownership of their homes. It is also considered part of the company’s direction towards building strategic partnerships with leading financing agencies, through which we aim to develop an active secondary market for residential real estate financing in Kingdom.
The CEO of Bidaya Finance Company said: “The strategic agreement with the Saudi Real Estate Refinancing Company is an important step to enhance our complementary role in providing innovative financing solutions that contribute to supporting the development of the stock market through real estate financing portfolios, and it also comes within our vision to enable a more financial future.” “Brightening our customers by providing innovative and reliable financing solutions that allow citizens to achieve their aspirations and meet their needs, in line with the objectives of the housing program emanating from Saudi Vision 2030 to increase the percentage of citizens owning homes.”

Real estate financing

It is noteworthy that the Saudi Real Estate Refinancing Company was established by the Public Investment Fund in 2017 with the aim of developing the real estate financing market in the Kingdom, after obtaining a license from the Central Bank of Saudi Arabia to work in the field of real estate refinancing.
(SRC) plays an essential role in achieving the goals of the housing program within the Kingdom’s Vision 2030, which aims to raise the rate of homeownership among Saudi citizens, by providing liquidity to financiers to enable them to provide affordable housing financing to individuals, and working closely with partners to support the housing system in the Kingdom.