Logo of Saudi Real Estate Refinance Co. (SRC)
The Saudi Real Estate Refinance Co. (SRC), a wholly-owned subsidiary of the Public Investment Fund (PIF), signed a joint cooperation agreement with Alinma Bank to acquire a real estate financing portfolio.
The agreement aligns with the company’s continuous efforts to support the residential real estate market in the Kingdom, through expansion in the acquisition of real estate financing portfolios, and providing the necessary liquidity to ensure financial stability in the market, the state-run SPA reported.
The agreement was signed by the company’s CEO, Fabrice Sosini, and by Alinma Bank, CEO, Abdullah bin Ali Al-Khalifa.
CEO of SRC, Fabrice Sosini, said the agreement is the latest in a series of deals of similar importance, as part of the company’s ongoing efforts to expand its partnerships with real estate financiers in the Kingdom.
Sousini pointed out that such agreements support real estate financing service providers by providing them with liquidity management and risk management solutions to provide affordable real estate financing to potential home buyers, which in turn delivers the objectives of the Housing Program.
On the other hand, Alinma Bank CEO, Abdullah Al-Khalifa, stressed that the partnership with SRC aims to provide residential real estate financing solutions that are commensurate with the Saudi households’ aspirations, through financial solutions to provide the necessary financial liquidity for families, and expand the base of beneficiaries in light of the increasing demand for housing finance. providing capital and risk management tools necessary for the overall operations and capital allocation.
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