The Saudi Real Estate Refinance Company (SRC), a PIF company, said it signed a $906 million (SAR 3.4 billion) mortgage portfolio acquisition agreement with the Saudi National Bank (SNB).
The deal marks one of the largest mortgage refinancing transactions in the Kingdom.
The deal will help SRC to inject long-term liquidity into the Kingdom’s residential mortgage market and enable expanding homeownership opportunities for Saudi citizens.
Tareq Al-Sadhan, CEO of SNB, said as the Kingdom’s leading provider of mortgage financing, the bank remains committed to supporting homeownership, enhancing market liquidity, and delivering competitive housing finance solutions.
“The collaboration enhances market liquidity, supports financial stability in the housing sector, and marks a key milestone in advancing long-term sustainable securitisation efforts,” he said.
Majeed Al-Abduljabbar, CEO of SRC, said the agreement with SNB reflects the company’s shared vision to build a resilient and liquid housing finance ecosystem in Saudi Arabia.
“By providing liquidity and establishing a robust securitisation framework, we are laying the foundation for a sustainable mortgage market that supports Saudi citizens in achieving homeownership,” he said.
The deal with SNB is part of SRC’s ongoing mortgage portfolio acquisitions, reinforcing its role as a key liquidity provider in the secondary mortgage market.
The agreement also paves the way for developing Residential Mortgage-Backed Securities (RMBS), enhancing market liquidity and activity, while increasing its attractiveness to local and international investors.
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