Riyadh - Mubasher: The Saudi Real Estate Refinance Company (SRC), a fully owned subsidiary of the Public Investment Fund (PIF), has signed an agreement to acquire a SAR 1 billion mortgage portfolio from Bidaya Finance.
The deal anchors SRC's ongoing efforts to bolster the residential real estate finance market in the Kingdom and expand refinancing opportunities, according to a press release.
This portfolio, the largest among mortgage companies, aligns with the commitment of both parties to contribute to the goals of the Housing Program to increase homeownership among citizens.
The CEO of SRC, Majeed bin Fahad Al Abduljabbar, highlighted that the agreement aimed at injecting additional liquidity and reinforcing g stability in the Kingdom's real estate finance market.
Mahmoud Dahdouli, CEO of Bidaya Finance, said: "This agreement with SRC represents a strategic milestone in strengthening our role in providing innovative financing solutions that contribute to the development of the securities market through mortgage portfolios.”
“It also aligns with our vision to empower a brighter financial future for our clients to achieve their aspirations and meet their needs, aligning with the objectives of the housing program under the kingdom's vision 2030 to increase homeownership among citizens,” Dahdouli added.