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CONSTRUCTION NEWS

SRC signs $66.6m refinance deal with Bank AlJazira

Jan 23, 2020 11:16 AM

Saudi Real Estate Refinance Company (SRC) a subsidiary of the Public Investment Fund (PIF) announced today that it has signed a mortgage portfolio acquisition agreement with Bank AlJazira. The signing...

Saudi Real Estate Refinance Company (SRC), a subsidiary of the Public Investment Fund (PIF), announced today that it has signed a mortgage portfolio acquisition agreement with Bank AlJazira.
 
The signing took place in the presence of Minister of Housing and Chairman of SRC Majed AlHogail.
 
SRC will refinance SR250 million ($66.64 million) of mortgage receivables with the bank, with subsequent anticipated transactions in the future under the memorandum of understanding (MoU).
 
Signed by Fabrice Susini, CEO of SRC, and Nabil Al Hoshan, CEO and Managing Director of Bank AlJazira, at a special ceremony held in Riyadh, the partnership agreement is in keeping with the shared commitment to supporting the growing Saudi home finance sector, said a statement.  
 
Susini described the transaction as a significant step forward for Saudi citizens helping them realise the dream of owning a home. He said: “Today’s agreement with Bank AlJazira reinforces our commitment to providing lenders with liquidity while developing innovative finance solutions, and in doing so we help our citizens to climb the housing ladder. Portfolio acquisitions such as these will help us ensure that we are able to refinance at least around 10 percent of the market by the end of 2020, and 20 percent of the market by 2028.” 
 
Susini also highlighted the impact the agreement has on housing goals attached to the Vision 2030 programme, which focuses on fulfilling the growing needs and aspirations of Saudi citizens especially when it comes to home ownership that is expected to reach 70% by 2030.  
  
Since establishment in 2017, SRC has acquired over 20 portfolios from various banks and mortgage finance companies, deployed more than SR2 billion of balance sheet and committed to injecting a few more billions through MoUs signed with its partners, providing liquidity to originators and allowing them to originate more. 
 
Al Hoshan said: “Since 2008, Bank AlJazira invested in the mortgage business and increasing its portfolio year on year which resulted in being one of the leaders in real estate finance market. We will continue our strong leadership in the real estate finance industry, and our commitment to customers is strengthened and improved by this transaction with SRC. I am especially proud that Bank AlJazira and SRC have joined hands to accelerate the mortgage ecosystem which will provide innovative solutions for the citizens.” – TradeArabia News Service 
 
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