About SRC

About SRC

The Saudi Real Estate Refinance Company (SRC) was established in 2017 and is fully owned by the Public Investment fund (PIF), after obtaining a license to operate in the secondary real estate market by the Saudi Central Bank, with the goal of transforming the local housing market.

SRC is a key market player that ensures stability of the real estate finance market by providing liquidity and facilitating access to sustainable financing solutions for homebuyers in the Kingdom. SRC enables individuals and entities interested in direct or indirect real estate financing to increase and diversify origination of long-term fixed-rate (LTFR) products. As one of its primary roles, SRC provides banks and real estate finance companies with liquidity or capital relief, enabling growth in the home financing sector to increase home ownership rates among Saudi citizens. SRC will subsequently aggregate and packages home financing portfolios into mortgage-backed securities to be sold to domestic and international investors. With a world class management team drawing from international best practice, SRC is uniquely positioned to become the partner of choice for banks and non-bank lenders in the Kingdom.

SRC is rated ‘A’ (stable) by Fitch Ratings and ‘A2’ (stable) by Moody’s Investors Service.

SRC Achievements

2017
  • SRC obtained SAMA’s license
  • SRC obtained Portfolio Purchase product
  • SRC obtained STF (structured trade finance) product
2018
  • SRC 1st refinance transaction by purchasing a portfolio from one of the biggest companies in finance companies
  • SRC launched first program established SAR 11 billion Sukuk program
  • SRC succussed in first issued 5,7 and 10 year Sukuk
2019
  • SRC succussed in second issued 5-year Sukuk
  • SRC surpassed SAR 2 billion refinancing assets
  • Organizing a panel discussion in the presence of a group of scholars and specialists and documenting it in a valuable scientific publication entitled “Shari’a Solutions for Selling Mortgage Finance Portfolios in Murabaha and Securitizing” Completing the first operations of refinancing and purchasing real estate finance portfolios with two of the largest Saudi banks
2020
  • Completing real estate refinancing deals with many Saudi finance companies and banks
  • Completion of the first real estate refinancing deal with the Masaken program
  • The value of refinancing deals exceeded 6.5 billion Saudi riyals, with a growth rate of 210%
2021
  • SRC launched first program SAR 10 billion Sukuk program guaranteed by the government
  • The success of three issuances of the local government-guaranteed sukuk program with high coverage rates, with a total value of 6 billion Saudi riyals, and maturities of 7 and 10 years.
  • The value of refinancing deals exceeded 12 billion Saudi riyals, with a growth rate of 85%
  • Expand further in refinancing with Saudi banks and banks The company obtained a high investment rating from Fitch “A2” and Moody’s “A”
  • Signing the largest refinancing agreement in the government sector with the Real Estate Development Fund, with a value of 10 billion Saudi riyals
  • Launching the Long-Term Deposit (LTSD) product, which will support the necessary liquidity for the expansion of real estate financing
2022
  • SRC signed the largest deal in the banking sector with SNB worth SAR 1 billion
  • SRC completed local SAR 10 billion Sukuk program in 12 months
SRC Strategic Goals
  • Underpin a vibrant and growing Saudi Real Estate Sector through underpinning funding and liquidity to financiers.

  • Ensure a stable mortgage sector in Saudi Arabia and advance a culture of homeownership across the country.

  • Broaden access to sources of financing in the country, including local and foreign sources.

Mission

Act as a key driver of the Housing Vision Realisation Programme, as SRC underpins this aspect of Saudi Vision 2030, enabling Saudi families to own, and benefit from owning, suitable houses based on their personal requirements and financial capabilities.

Vision

Be a catalyst of growth and stability in the Kingdom of Saudi Arabia’s real estate finance sector. This is delivered by providing liquidity, capital, and risk management solutions for banks and real estate finance companies, while raising home loan industry standards in Saudi Arabia.

Board of Directors

SRC
H.E. Majed Al-Hogail

Chairman

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H.E. Majed Al-Hogail

Chairman

Mr. Majed Al -Hogail is the Minister at Ministry of Municipality, Rural Affairs and Housing. He holds the Chairman position at Saudi Real Estate Refinance Company (SRC), Real Estate General Authority, Real Estate Development Fund (REDF), he was previously Chairman at AlJazira Capital. He is currently the Board member at Qiddiya Investment Company, and NEOM. He previously held the position of a Board Member at flynas and Credit Suisse.

His earlier work experience includes Managing Director at RAFAL Real Estate Development Co. and VP of Finance at Danone.

He holds an MBA from University of Illinois at Urbana- Champaign.

SRC
Fahad Al-Saif

Vice Chairman

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Fahad Al-Saif

Vice Chairman

Mr. Fahad Al-Saif is the President, Debt Management Office (DMO) at Ministry of Finance- Saudi Arabia. He is a member of several boards including Saudi Real Estate Refinance Company, Saudi Aviation Information Technology Advisory, and HSBC SA. Presently, he is the Committee member at Saudi Capital Markets Authority, and an Advisor to HNW Investment Houses.

Prior to his current role, he was the Deputy Managing Director at SABB where he held several other senior positions and was the Managing Director at HSBC where he also held senior positions.

Mr. Al-Saif specializes in Markets and Corporate Finance, DCM (Sukuk/Bond), ECM, M&A and investment banking advisory in Saudi Arabia. He holds a Bachelor of Science from King Fahd University of Petroleum & Minerals.

SRC
Mohammad Al Muhanna

Board Member

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Mohammad Al Muhanna

Board Member

Mr. Mohammad Al Muhanna is a CEO and Member of Board of Directors for a number of Companies and Organizations and Several Board Committee Member as well. He was previously a General Manager at Morabaha Marina Financing Company and Chief Governance Officer and Board Secretary at Saudi Fransi Capital. He held senior positions at Calyon Saudi Fransi Limited, Samba Financial Group and PwC.

Mr. Muhanna holds a Masters degree in Economics from King Saud University and a Bachelor’s degree in Accounting from King Fahd University of Petroleum & Minerals.

SRC
Mohammed Alkinani

Board Member

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Mohammed Alkinani

Board Member

Dr.Mohammed Alkinani is the General supervisor of Investment at KFUPM Endowment and sits on boards and Risk, Audit, and Investment board committees of several listed and unlisted companies. He provides consultancy and training to several private, non-profit, and governmental organizations on financial and strategic issues. He was the Dean of KFUPM Business School where he taught finance courses for Undergraduate, MBA and EMBA programs. He was awarded a Ph.D. degree in Finance from Oklahoma State University and a Master's degree in Finance from University of Colorado at Denver. He is a Chartered Financial Analyst (CFA) ®. He was the Chairman of the advisory board of AACSB international for Europe, Africa and the Middle East

SRC
Sultan Abdulmalik Al-Sheikh

Board Member

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Sultan Abdulmalik Al-Sheikh

Board Member

Mr. Sultan Abdulmalik Al-Sheikh is a Senior Director at the MENA Investments Division at the Public Investment Fund of Saudi Arabia (PIF). Mr. Al-Sheikh joined PIF in 2015. He is presently the Board and Committee member of Almarai Company, Gulf International Bank B.S.C. & Gulf International Bank - Saudi Arabia, Tahakom Investment Company, and Saudi Company for Exchanging Digital Information (Tabadul). He was also a Board and Committee member at The Helicopter Company (ended 31 Jan. 2021) and Saudi Fisheries Company (ended 24 Oct. 2020). Prior to joining PIF, Mr. Al-Sheikh held key positions in reputable financial institutions. He served as an Associate and Vice President of Investment Banking at Saudi Fransi Capital. Mr. Al-Sheikh also worked as an Officer in the Securities Listing Department at the Saudi Capital Market Authority (CMA)and as a Relationship Manager at the National Commercial Bank (NCB) of Saudi Arabia. Mr. Al-Sheikh has extensive experience in finance, with a focus on advising a range of different ECM transactions including IPOs, rights issues and M&A. In addition to possessing 17 years of professional experience in financial institutions, Mr. Al-Sheikh holds a Master of Science in Finance from The George Washington University, USA and a Bachelor of Science in Finance from King Fahad University of Petroleum & Minerals, Saudi Arabia.

SRC
Faisal Alsharif

Board Member

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Faisal Alsharif

Board Member

Mr. Faisal Alsharif is a Board Member & Secretary of The Board, H.E. Minister of Finance Advisory Board and is also a Board Member and Member of the Audit Committee at the Tunisian Saudi Bank in Tunisia. He is also the Director General of the Financial Sector Development Program.

He previously held senior positions at Deutsche Bank AG, and Saudi British Bank. Mr. Alsharif holds a Bachelor of Science in Financial Management from Long Beach State University, California.

SRC
James L. Bothwell

Board Member

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James L. Bothwell

Board Member

Dr. Bothwell is an internationally recognized expert specializing in financial institutions and markets, housing finance, and economic analysis. His clients have included financial institutions, international development agencies, sovereign wealth funds, and central banks in the United States, Europe, Asia, the Middle East and Africa. Prior to establishing his consulting business, Dr. Bothwell was the Managing Director of the Federal Housing Finance Board, the regulator of the Federal Home Loan Bank System. Before joining the Finance Board, Dr. Bothwell served as Chief Economist of the United States General Accounting Office (GAO). He also served as GAO’s Director of Financial Institutions and Markets Issues.

Dr. Bothwell has served on the Financial Accounting Standards Advisory Council and the faculties of Duke University and Tufts University, teaching courses and conducting economic research and analysis. He was also an Economic Policy Fellow at the Brookings Institution.

Dr. Bothwell holds a Ph.D. in Economics and a Bachelor of Arts in Economics from the University of California, Berkeley. He is a member of Phi Beta Kappa.

SRC
Joseph Rossi

Board Member

SRC

Joseph Rossi

Board Member

Mr. Joseph Rossi is the Principal and Founding Member at TurtleBay Advisory Services. He is presently a Mmeber of Board of Directors at Saudi Real Estate Refinance Company. His previous work experience includes holding SVP positions at Freddie Mac, Mellon Finance, JP Morgan Chase and VP at Citigroup.

Mr. Rossi hold an MBA in Finance from Iona College and a Bachelor’s of Science from Bryant University.

Executive Management

SRC
Fabrice Susini

Chief Executive Officer

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Fabrice Susini

Chief Executive Officer


  • Over 25 years of experience in the banking industry
  • Held various functional and operational positions in different financial institutions, managing international teams
  • Headed the securitization franchise of BNP Paribas
  • Holds an MBA from London Business School, a Master’s Degree in Banks and Financial Institution’s management from University of Paris-IX Dauphine, and a Degree in law from the University of Paris X Nanterre

SRC
Majeed Fahad Alabduljabbar

Chief Business and Market Officer

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Majeed Fahad Alabduljabbar

Chief Business and Market Officer

  • Prior to his current post Majeed was General Director of the Capital Market Authority’s (CMA) Risk function. The risk function was established by Majeed in 2017.
  • He has over 23 years’ experience. He has worked for some of the major banks in the Kingdom including SABB, SAMBA and ANB.
  • Majeed holds a Bachelor of Science with a double option in Finance and Marketing from California State University East Bay. Recently, he received the Certificate in Global Management (CGM) certificate from INSEAD

SRC
Thamer Zaid Alammar

Chief Financial Officer

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Thamer Zaid Alammar

Chief Financial Officer


  • Chief Financial Officer for a rapidly growing real estate refinancing company created as a tool of public policy aimed at contributing to the Housing Program and Vision 2030 goals by establishing a mortgage secondary market focusing on sustainability and affordability. 
  • Proven track record in driving strong business performance while maintaining robust control over operating expenses. 
  • Insightful experience of over 23 years in Financial Control and Planning, Treasury & Asset and Liability Management (ALM), Market Analysis, Foreign Exchange, Interest Rate, Derivatives and Structured Products, Audit and Risk Review and ensuring compliance to all administrative matters. 
  • Strong capability in Developing and implementing financial reporting, financial planning & analysis, and treasury & ALM Management.
  • Expertise in analyzing events on a macro-economic level, and their effect on interest & FX rates, devising best hedging strategies and opportunities available using solutions-based techniques.

SRC
Ehab Albakri

Chief Operating Officer

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Ehab Albakri

Chief Operating Officer

  • Over 20 years of experience in the Banking and non-banking industry. Headed several senior positions in business development, operation and digital transformation for local and international banks and corporates.
  • Experienced in cash management, trade finance, digitization and Innovation. Held a position as Chairman of the Board for SANID (Saudi Financial Support Services).
  • Ehab holds a certificate in leadership development program from Harvard Business School and a Master's Degree in Engineering Management and Bachelor's Degree in computer Engineering from Florida Tech.

SRC
Saleh Alomari

Chief Human Resource Officer

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Saleh Alomari

Chief Human Resource Officer

  • Over 16 years of experience in Human Resources, Saleh’s roles have included senior HR business partner at El Sief Engineering Contracting Company
  • Holds a Bachelor degree in Business Administration from King Faisal University and a Professional Management Diploma specialized in Human Resources from the Riyadh Chamber of Commerce

SRC
Tim Elliot

Chief Risk Officer

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Tim Elliot

Chief Risk Officer

  • Broad international experience and expertise, as an accomplished and resourceful executive with financial sector expertise both internationally and domestically in Canada
  • Before joining SRC, Tim worked with the Canada Mortgage and Housing Corporation (CMHC) for over 27 years and held a number of progressively more senior roles
  • Holds a Master of Arts in Economics from Queen’s University