Business & Money | Wednesday 28 March, 2018 6:33 am |

The Saudi Real Estate Refinance Company (SRC) continued its mission of helping develop the mortgage market for consumers with the injection of a notional amount of SR 1 billion with Amlak International. In SRC’s first refinancing deal of 2018, the agreement with Amlak includes portfolio acquisition and a short-term financing (murabaha deal). This financing works as a warehousing facility that permits Amlak to extend and widen its ability to lend in the future.

This is SRC’s third SR1 billion transaction and demonstrates its growing role as a catalyst for the Saudi housing market. “We would like to thank the Amlak team for their decision and trust, but this is just a beginning,” said Fabrice Susini, chief executive officer, SRC. “We will keep enabling lenders to offer more accessible home buying solutions to more Saudi citizens by providing liquidity as well as balance sheet relief. And, very soon, we will help create even more relevant funding options that will benefit originators and borrowers.

“The deal also signals SRC’s commitment of the Ministry of Housing to offer more accessible housing finance solutions and facilitate market growth,” added Susini.

“As the first company that was granted a license to engage in real estate financing in Saudi Arabia, we recognize the need to work with the public sector to grow the real estate market in the Kingdom,” said Abdullah Bin Turki Al Sudairy, chief executive officer, Amlak International for real estate financing.

“This agreement will help us help us provide sustainable mortgage solutions to ensure that citizens can easily own the right home. It is also an excellent example of the partnership between Amlak International and the Ministry of Housing and SRC and what can be done through cooperation and developing and effective relationship between the public and private sectors.”