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Saudi Arabia, US Discuss Supporting Growth of Digital Economy in the Region

The Saudi Minister of Communications and Information met in Washington with the US Secretary of Commerce. SPA
The Saudi Minister of Communications and Information met in Washington with the US Secretary of Commerce. SPA
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Saudi Arabia, US Discuss Supporting Growth of Digital Economy in the Region

The Saudi Minister of Communications and Information met in Washington with the US Secretary of Commerce. SPA
The Saudi Minister of Communications and Information met in Washington with the US Secretary of Commerce. SPA

Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Sawah has met in Washington with the US Secretary of Commerce, Gina Raimondo.

Friday’s meeting was attended by Princess Reema bint Bandar bin Sultan bin Abdulaziz, the Saudi Ambassador to the US.

During the meeting, the two sides discussed strengthening the strategic partnership between the Kingdom and the US to support the growth of the digital economy in the region, as Saudi Arabia is a pivotal hub for technology and innovation.

They also discussed the acceleration of the growth of modern technologies to serve scientific and technical progress in various sectors, highlighting the expanding investment opportunities in the digital economy between the two countries.

Al-Sawah also held separate talks with White House officials.

Al-Sawah met with deputy national security advisor for cyber and emerging technology Anne Neuberger to discuss enhancing partnerships in the fifth- and sixth-generation technologies.
The minister also met with special presidential coordinator for global infrastructure and energy security Amos Hochstein and National Security Council Middle East and North Africa coordinator Brett McGurk to discuss cooperation in digital economy and innovation.
At a separate meeting with Chirag Parikh, the executive secretary of the White House National Space Council, Al-Sawah discussed joint investments in space economies and technologies and developing national talents.

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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.