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Saudi REDF, SRC Sign Refinancing Agreement for $2.7 Billion Property Portfolio

Buildings are seen in Riyadh, Saudi Arabia. (Reuters)
Buildings are seen in Riyadh, Saudi Arabia. (Reuters)
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Saudi REDF, SRC Sign Refinancing Agreement for $2.7 Billion Property Portfolio

Buildings are seen in Riyadh, Saudi Arabia. (Reuters)
Buildings are seen in Riyadh, Saudi Arabia. (Reuters)

The Saudi real estate sector witnessed on Monday the conclusion of the first agreement to refinance a Saudi real estate portfolio, with the Saudi Real Estate Refinance Company (SRC) announcing a partnership deal with the Real Estate Development Fund (REDF) to refinance a real estate portfolio worth 10 billion riyals ($2.7 billion).

The agreement was signed by REDF CEO Mansour bin Madi, and the CEO of SRC Fabrice Susini.

A statement issued on Monday said that the agreement supports REDF by “enhancing its financial stability” and aims to boost liquidity in Saudi Arabia’s home financing market, cut the cost of home financing for Saudis and support the country’s housing objectives.

In this regard, Susini said: “The agreement aims to increase the supply of home loans for affordable housing that aligns with our vision to develop a robust secondary home financing market for the benefit of the primary housing market in the kingdom.

“Therefore, the agreement with REDF positions us as a catalyst in achieving the housing goals stipulated by Vision 2030,” he added.

Bin Madi, for his part, stated that the agreement comes within the framework of the National Development Fund’s strategy that supports the goals and future plans of the Real Estate Fund to provide various financing and housing options in the residential real estate financing market.

He added that the Fund provided more than 560,000 subsidized real estate loans from June in 2017 until the third quarter of this year as part of the subsidized loan program.

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China’s Pop Mart, Maker of the Labubu Doll, Says Profit Soars Nearly 400% in First Half 

A Labubu toy is placed at a host stand of a restaurant serving dessert in the shape of Labubu monster figurine, in Moscow, Russia June 27, 2025. (Reuters) 
A Labubu toy is placed at a host stand of a restaurant serving dessert in the shape of Labubu monster figurine, in Moscow, Russia June 27, 2025. (Reuters) 
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China’s Pop Mart, Maker of the Labubu Doll, Says Profit Soars Nearly 400% in First Half 

A Labubu toy is placed at a host stand of a restaurant serving dessert in the shape of Labubu monster figurine, in Moscow, Russia June 27, 2025. (Reuters) 
A Labubu toy is placed at a host stand of a restaurant serving dessert in the shape of Labubu monster figurine, in Moscow, Russia June 27, 2025. (Reuters) 

China's Pop Mart, which has taken the world by storm with its ugly-cute Labubu doll, reported a nearly 400% first-half net profit on Tuesday on high demand for the toys and a shift towards higher-margin overseas markets.

Net profit of 396.5% and a 204.4% jump in revenues exceeded numbers flagged in an earnings preview last month forecasting revenue growth of 200% in the first half of 2025 and a recurring net profit increase of at least 350% on the year.

Shares in Pop Mart have risen more than 200% year-to-date, making the Chinese toy company more valuable than traditional industry giants like Barbie-maker Mattel and Hello Kitty parent company Sanrio.

Pop Mart often sells its collectable figurines in so-called "blind boxes" with buyers not knowing the exact design they will receive until they open the packaging.

One of the major drivers of the toothy-grinned Labubu's success has been its popularity with celebrity fans, who include Lisa of K-pop group Blackpink, singer Rihanna and ex-soccer star David Beckham.

Pop Mart is pledging to increase the supply of the dolls, which have sold out in stores around the world.

Its CEO Wang Ning, in an interview with Chinese state media last month, said sales of Labubu will surpass 10 million units per day from September this year.

Pop Mart classifies Labubu under its "The Monsters" intellectual property (IP) characters. It said on Tuesday that "The Monsters" raked in 4.81 billion yuan ($669.88 million) in the first half, accounting for 34.7% of total revenue.

Four other IPs earned over 1 billion yuan during the period, including "Molly" and "Crybaby", it added.

The company now has 571 stores - 40 of which it opened in the first half of this year - as well as 2,597 automated robot shops across 18 countries and regions, it added.