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Saudi Real Estate Refinance Company, BlackRock to Promote Developing Programs in Saudi Real Estate Finance Market

The agreement was signed by SRC CEO Majid Fahd Al-Abduljabbar and General Manager of BlackRock in the Middle and CEO of BlackRock Saudi Arabia Yazeed Al-Mubarak. BlackRock President Robert Capito attended the signing ceremony. (SPA)
The agreement was signed by SRC CEO Majid Fahd Al-Abduljabbar and General Manager of BlackRock in the Middle and CEO of BlackRock Saudi Arabia Yazeed Al-Mubarak. BlackRock President Robert Capito attended the signing ceremony. (SPA)
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Saudi Real Estate Refinance Company, BlackRock to Promote Developing Programs in Saudi Real Estate Finance Market

The agreement was signed by SRC CEO Majid Fahd Al-Abduljabbar and General Manager of BlackRock in the Middle and CEO of BlackRock Saudi Arabia Yazeed Al-Mubarak. BlackRock President Robert Capito attended the signing ceremony. (SPA)
The agreement was signed by SRC CEO Majid Fahd Al-Abduljabbar and General Manager of BlackRock in the Middle and CEO of BlackRock Saudi Arabia Yazeed Al-Mubarak. BlackRock President Robert Capito attended the signing ceremony. (SPA)

The Saudi Real Estate Refinance Company (SRC), a subsidiary of the Public Investment Fund, signed a memorandum of understanding (MoU) with the US BlackRock conglomerate in New York City, to develop programs in the real estate finance market in Saudi Arabia, and increase the share of businesses in the real estate sector capital markets.

The MoU was signed on the sidelines of the official visit of Saudi Minister of Municipalities and Housing, Majid bin Abdullah Al-Hogail who is also SRC Board of Directors chairman.

The minister and his accompanying delegation are in the US to discuss ways to boost Saudi-American partnerships in the urban development, construction, building, finance and real estate development sectors.

The agreement was signed by SRC CEO Majid Fahd Al-Abduljabbar and General Manager of BlackRock in the Middle and CEO of BlackRock Saudi Arabia Yazeed Al-Mubarak. BlackRock President Robert Capito attended the signing ceremony.

The MoU aims to accelerate the development of programs in the real estate refinancing market in Saudi Arabia and expand through local and international capital market channels.

It also seeks to diversify funding sources through fixed income markets, which is bound to increase the stability of the real estate finance market and contribute to achieving the goals of the housing and financial sector development programs, which serve as enablers of the Kingdom’s Vision 2030.

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Saudi Investment Climate Draws 184 New Regional Headquarters

Riyadh hosts many regional headquarters for global companies (Asharq Al-Awsat)
Riyadh hosts many regional headquarters for global companies (Asharq Al-Awsat)
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Saudi Investment Climate Draws 184 New Regional Headquarters

Riyadh hosts many regional headquarters for global companies (Asharq Al-Awsat)
Riyadh hosts many regional headquarters for global companies (Asharq Al-Awsat)

Saudi Arabia’s efforts to improve its investment climate are attracting more regional companies. In the second quarter of this year, 57 companies moved their regional offices to the Kingdom, an 84% increase compared to the same period in 2023.

This follows 127 licenses issued in the first quarter, bringing the total to about 184 for the first half of the year.

The Ministry of Investment processed 4,709 investor visit visa applications, allowing foreign investors to explore opportunities in Saudi Arabia. It also addressed 38 investor issues, including legal and procedural challenges.

The Ministry’s latest report shows a 49.6% rise in new investment licenses, with a total of 2,728 issued in the second quarter, up from 1,824 a year earlier (excluding licenses from the commercial concealment correction campaign).

Recent investment licenses have been largely focused on construction, manufacturing, professional services, education, information and communications, and the food and retail sectors.

Mining and quarrying saw the biggest growth in new licenses in the second quarter, up 209.1% from last year. This was followed by other services with a 110.5% increase and wholesale and retail trade with a 96.3% rise.

The report highlights two key investment initiatives for the second quarter of 2024.

The Ministry of Economy and Planning introduced the “Sustainability Pioneers” program in Riyadh.

This initiative promotes sustainability nationwide by encouraging collaboration among top companies in key sectors, supporting the Kingdom’s green economy goals under Vision 2030.

The program emphasizes the role of public-private partnerships in achieving sustainable development and environmental protection.

Additionally, the Fashion Commission launched "The Lab" in partnership with Mohammed bin Salman Nonprofit City (Misk City) in Riyadh.

This new studio aims to advance the fashion industry by offering designers training and resources to improve manufacturing. It also seeks to create investment opportunities and support the sector’s growth.

The report also touched on the initiatives of the Saudi-British Strategic Partnership Council, which was recently established to enhance the development of mutual economic partnership in 13 vital and promising sectors. It is a forum for exchanging qualitative expertise and reviewing the latest practices in priority activities.

The initiative contributes to enhancing the volume of trade exchange between the two countries, and is accompanied by events with the participation of the most creative and innovative companies to enhance partnership in promising and emerging fields between the two countries.