Press Release

Riyadh, Saudi Arabia: xx February 2022: In a first, the Saudi Real Estate Refinance Company (SRC), wholly owned company of the Public Investment Fund (PIF), signed an agreement with Bank Albilad to purchase home financing portfolios.

SRC continues to support the mortgage market in the Kingdom through the purchase of portfolios, increasing liquidity in the market and enabling financial stability in the market. The signing between the two entities sets a strong foundation for a long-term partnership that will further strengthen growth and sustainability of the real estate finance sector in the Kingdom.

Fabrice Susini, CEO of SRC said: “Bank Albilad holds a strong portfolio of real estate financing solutions that support our commitment to enabling homeownership in the Kingdom. We are pleased to commit to a long-term partnership with Bank Albilad in our first signing through which we will collaborate to strengthen and provide accessible home finance solutions for Saudi citizens. Our continued partnerships support the realization of Vision 2030’s housing goal of 70% in the Kingdom and ensures financial stability in the market.”

xx of Albilad Bank said: “We look forward to playing a key role in supporting the real estate sector in the Kingdom aligning with Vision 2030 homeownership goals through the offering of real estate financing solutions.”

The agreement between SRC and Bank Albilad is a testament to SRC’s continued efforts in catalysing growth of the Real Estate Finance industry in Saudi Arabia.