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PIF's Al-Madinah Heritage Co. Inks Deal to Establish Specialist Date Factory

Dates are considered of great importance in nutritional value (SPA)
Dates are considered of great importance in nutritional value (SPA)
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PIF's Al-Madinah Heritage Co. Inks Deal to Establish Specialist Date Factory

Dates are considered of great importance in nutritional value (SPA)
Dates are considered of great importance in nutritional value (SPA)

Al-Madinah Heritage Co., a subsidiary of the Public Investment Fund specializing in dates, has signed an agreement with the Saudi Authority for Industrial Cities and Technology Zones (MODON) to acquire land in Madinah for the establishment of a specialized date processing factory.

The signing ceremony took place during the inauguration of the Industry and Local Content Medinah Forum, which was attended by the Deputy Governor of Madinah Prince Saud bin Khalid bin Faisal bin Abdulaziz.

In this regard, CEO of Al-Madinah Heritage Co. Bandar Al-Qahtani said the agreement would kickstart the company’s scheme for an integrated date factory in Madinah, noting that work would begin three months after plans and specifications had been set in accordance with the latest global technologies.

PIF launched the Al-Madinah Heritage Company last September with the aim of improving the production and quality of dates, specifically the Ajwa variety. It also plans to open up new and diverse markets for the dates and related products, both locally and internationally.

 

 

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$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
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$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)

The Saudi Real Estate Refinance Company (SRC), owned by the Public Investment Fund, has signed a SAR 1 billion ($266.7 million) agreement with Bidaya Finance to buy a mortgage portfolio.
The deal is the largest of its kind, aimed at injecting liquidity into Saudi Arabia’s housing market.
The agreement, signed on Sunday, was attended by Housing Minister Majed Al-Hogail, who also chairs SRC, and Abdulaziz Al-Omair, Chairman of Bidaya Finance.
This move supports SRC’s efforts to grow the mortgage market and expand refinancing options, aligning with Vision 2030’s goal of increasing homeownership among Saudi citizens.
SRC CEO Majeed Al Abduljabbar said the deal will boost liquidity and stabilize the housing finance market, helping more Saudis own homes. He added that it builds on SRC’s plan to partner with key lenders and develop a strong secondary mortgage market.
“This agreement is a pivotal step toward achieving the strategic objectives of the Housing Program by increasing homeownership among citizens,” Abduljabbar noted.
“It also aligns with our strategy to forge strategic partnerships with leading financing institutions, fostering the development of an active secondary market for residential mortgages,” he added.
Bidaya Finance CEO Mahmoud Dahduli called the agreement a step forward in offering innovative financing solutions, enabling more citizens to achieve their housing goals and contributing to Vision 2030’s housing targets.
“This strategic collaboration with SRC reinforces our shared role in offering reliable, innovative financing solutions that empower citizens to realize their housing aspirations, aligning with the Housing Program’s goal of increasing homeownership,” Dahduli said.
Established in 2017 by the Public Investment Fund, SRC aims to make home financing more accessible by providing liquidity to lenders and supporting Saudi Arabia’s housing sector under the national transformation plan, Vision 2030.