Press Release
Riyadh, Saudi Arabia 3 November 2021:
Bank AlJazira (BAJ) signed an agreement with Saudi Real Estate Refinance Company (SRC), wholly owned company of the Public Investment Fund (PIF), to sell home financing portfolios worth more than SAR 300 million. The agreement was signed in the presence of His Excellency the Minister of Municipal and Rural Affairs and Housing and Chairman of SRC, Mr. Majid bin Abdullah Al-Hogail.
The announcement highlights the second real estate refinancing agreement between the two entities, taking total value of home financing portfolios refinanced to SAR 480 million. The agreement was signed by Susini, CEO of SRC and Naif Al Abdulkareem, CEO & MD of BAJ. The agreement aims to provide long-term liquidity to the home financing market in the Kingdom while facilitating risk management within the sector.
Fabrice Susini, CEO of SRC said: “We continue to expand our partnerships with home finance originators to accelerate the realization of Vision 2030 housing goal of 70% home ownership in the Kingdom. The agreement with BAJ marks the largest real estate portfolio refinancing agreement in the banking sector, showcasing our flexibility to support diverse home finance providers with liquidity and risk management solutions. We are proud to build on our long-term partnership with BAJ and together, provide Saudi citizens with affordable home finance to increas home ownership and the contribution of the real estate finance sector to the national GDP.”
Naif Al Abdulkareem, CEO & MD of BAJ said: “Our long-standing partnership with SRC positions us to provide affordable home financing solutions to Saudi citizens. The liquidity resulting through our latest agreement with SRC will help us facilitate provision of greater home financing to citizens in the Kingdom, expanding our growing base of beneficiaries. The continued partnership also offers us the necessary capital and risk management tools crucial to our overall operations and capital allocation. We continue to support SRC and the housing ecosystem in the Kingdom in realising Vision 2030 housing program objectives.”