By Innovation-sa on January 1, 2018 in News

The Saudi Real Estate Refinance Company (SRC) has signed a strategic deal of SR1 billion with Bidiya Home Finance to purchase a portfolio and provide mortgage refinancing facility. This is the second strategic deal signed by SRC in two weeks. Earlier, SRC entered into another refinancing partnership of SR1 billion with prominent real estate financing company, Deutsche Gulf Finance (DGF). The deal will support Bidiya Home Finance to offer more accessible home financing solutions and increase home ownership among Saudis, said Majed AL-Hogail, Saudi Minister of Housing.

One of the goals of Vision 2030 in the housing and real estate sector is to increase the rate of home ownership from 47 to 52 percent in 2020, by providing easily accessible housing finance solutions that will directly facilitate home buyers and boost market growth. The collaboration with Bidiya Home Finance will be another landmark deal which would contribute to the realization of Vision 2030.

SRC, owned solely by Public Investment Fund (PIF), was established in October this year to create a secondary home finance market in Saudi Arabia by increasing liquidity in the Saudi mortgage market.