The SRC Saudi Real Estate Refinance Company has signed a refinancing agreement with Amlak International Company worth SR1 billion, in the presence of His Excellency the Minister of Housing and Chairman of the SRC Saudi Real Estate Refinance Company, Majed Bin Abdullah Al-Hogail.
The agreement is the first to be signed by the SRC in 2018, including the purchase of real estate finance portfolios as well as short term Murabaha finance, which will enable Amlak to improve and increase its financing capacity in the future.
It should be noted that the SRC Saudi Real Estate Refinance Company has previously signed two similar refinancing agreements late last year, confirming its growing role in stimulating the Saudi housing market.
The CEO of Saudi Real Estate Refinance Company Fabrice Sousini said:"We thank Amlak's global team for their decision and trust, but this is just the beginning of the road. We will continue our efforts to revitalize the home finance sector in the Kingdom and enable lenders to provide financing solutions that are better suited to the citizens needs who are looking for opportunities to own their own home, and we will help find more suitable financing options for financiers and borrowers. "
For his part, Amlak International CEO Abdullah bin Turki Al Sudairi said: "Amlak International is the first company to be licensed to undertake real estate finance activities in Saudi Arabia
"The agreement will support our efforts to provide sustainable mortgage solutions that will ensure that citizens have the opportunity to own the adequate housing."he added.
The Saudi Real Estate Refinance Company was established in late 2017 and is fully owned by the Public Investment Fund to create a secondary mortgage market in the Kingdom. The company aims to enhance the real estate sector, increase its contribution to GDP, to reach 52% in 2020. The real estate market is expected to increase from SR 280 billion in 2017 to SR 500 billion by 2020.