Saudi mortgage provider SRC buys 'significant' portion of Arab National Bank's home finance portfolio
Saudi Real Estate Refinance Co. will deploy funding support to bank's 2m customer base
Dubai: The high-flying Saudi Real Estate Refinance Company, a wholly owned company of the Public Investment Fund (PIF), will purchase a significant portion of Arab National Bank’s housing finance portfolio and provide liquidity to the Bank. This, it is hoped, will provide greater homeownership opportunities for over two million of the bank’s customers.
The partnership is aimed at providing long-term liquidity in the housing financing market to boost the rate of Saudi homeownership to 70 per cent by 2030. The agreement with ANB is the latest among several partnerships with banks and real estate finance companies operating in the Kingdom. SRC aims to promote the growth and stability of the real estate finance market by facilitating the provision of more affordable home financing options for Saudi citizens.
The partnership agreement was signed by SRC’s CEO Fabrice Susini and Obaid Abdullah Al-Rasheed, Managing Director and CEO of ANB. Susini, CEO of SRC, said: “SRC will continue to cultivate partnerships to help realise the objectives of the housing programme, through facilitation of liquidity provision to originators and enabling affordability of home financing to Saudi families. Increasing the proportion of home ownership is in line with SRC’s goal of building a strong secondary market in the Kingdom.”