The Saudi Real Estate Refinance Company (SRC), a wholly-owned company of the Public Investment Fund (PIF), signed on Sunday a partnership agreement with Banque Saudi Fransi (BSF) to acquire a portion of its housing finance portfolio.
The latest among several partnerships with banks and real estate finance companies operating in the Kingdom, the agreement with BSF showcases SRC’s systemic role in providing liquidity and risk management solutions through long-term relationships with primary originators.
SRC aims to promote the growth and stability of the real estate finance market by facilitating more affordable home financing options for Saudi citizens.
SRC CEO Fabrice Susini said: “Our second portfolio acquisition agreement with BSF is a significant step towards cementing the relevance of SRC’s business model and growth."
"We have illustrated to primary originators in the Kingdom the crucial role we play in developing the housing market and supporting their businesses through liquidity and risk management solutions."
Fostering long-term partnerships with originators is a key pillar of SRC’s strategy, which aims to build continued relationships with originators to promote affordable housing and diversify financing options for Saudi families, said Susini.
He indicated that increasing the proportion of homeownership is in line with SRC’s goal of building a robust secondary market in the Kingdom.