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SRC Prepares to Offer Global Dollar-Denominated Sukuk

Chief Business and Markets Officer at Saudi Real Estate Refinance Company (SRC) Majeed Abduljabbar (Asharq Al-Awsat)
Chief Business and Markets Officer at Saudi Real Estate Refinance Company (SRC) Majeed Abduljabbar (Asharq Al-Awsat)
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SRC Prepares to Offer Global Dollar-Denominated Sukuk

Chief Business and Markets Officer at Saudi Real Estate Refinance Company (SRC) Majeed Abduljabbar (Asharq Al-Awsat)
Chief Business and Markets Officer at Saudi Real Estate Refinance Company (SRC) Majeed Abduljabbar (Asharq Al-Awsat)

Chief Business and Markets Officer at Saudi Real Estate Refinance Company (SRC) Majeed Abduljabbar revealed that his company is planning to issue dollar-denominated sukuk. The move aims to attract foreign investments and protect portfolios through issuing mortgage-backed securities.

This will ensure the flow of investments and secure the necessary liquidity to support the growth of the sector.

Abduljabbar said that SRC seeks to be a major supporter within the housing system. He stressed the company wanting to help the Kingdom achieve its goal of 70% of citizens owning homes by 2030.

SRC has already helped Saudi Arabia raise its rate of citizen home ownership from 47% to 60%.

Since its establishment in 2017, SRC has witnessed strong growth in its business and partnerships in the real estate financing sector.

This growth is part of the various initiatives and programs that the housing sector in Saudi Arabia is witnessing, keeping pace with the goals of the national transformation plan, Vision 2030.

Abduljabbar stressed that within the context of its development role, SRC and its partners from the financing agencies play an important role in helping to reduce the burden on capital and lessen global financial and real estate risks in the future.

“However, the company always strives to balance profits, with the aim of obtaining a fair profit for the purpose of sustainability and achieving its strategy in the real estate market,” said Abduljabbar.

“The objective of establishing SRC is to support liquidity in the real estate finance market to ensure the realization of Vision 2030 in promoting citizens’ ownership of their homes,” he affirmed.

“SRC plays a supportive role in providing liquidity and capital and risk management solutions to financing agencies,” he explained.

“We have worked to provide new sources of financing in the real estate finance market locally and globally.”

“SRC also contributes to supporting the objectives of the financial sector development program by providing real estate refinancing products.”

Abduljabbar clarified that SRC offers refinancing products by purchasing portfolios and finding financing solutions and an effective secondary market. It also does so by actively contributing to the growth of the debt instruments market to increase the diversification of financing options for the private sector and creating a new class of assets for investors.

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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.