Saudi Real Estate Refinance Co. (SRC), owned by the Public Investment Fund (PIF), has signed a partnership agreement with the Saudi British Bank (SABB) to provide more diversified home financing solutions at better prices.
The company had previously signed six partnership agreements with other banks and financial institutions, to pump SAR 6 billion into the real estate financing market.
SRC was launched last year by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) as part of plans to boost Saudi home ownership.
Saudi Arabia plans to raise the rate of home ownership among citizens from 47 percent to 52 percent by 2020, and 70 percent by 2030, as part of wider economic reforms in the Kingdom.
SRC, which works under the auspices of the Ministry of Housing, expects to refinance up to $20 billion over the next five years, a move targeted to remedy the nation’s low mortgage penetration rate.
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