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PIF-owned SRC extends real estate refinancing agreement with Al Rajhi Bank:Saudi Real Estate Refinance (SRC) — a wholly owned subsidiary of the PIF — has extended its real estate refinancing agreement with Al Rajhi Bank with an additional SAR 5.8 bn, it said in a statement on Linkedin yesterday. This brings the total refinancing between the SRC and Al Rajhi Bank to SAR 10.8 bn, according to the statement.
The pitch: The partnership between the SRC and Al Rajhi Bank comes under efforts to “establish a benchmark secondary housing finance market in the kingdom.” It aims to make home finance more accessible and flexible to citizens to encourage homeownership by providing necessary liquidity and capital management to the SRC.
One that beats last year’s: In March, the SRC signed with Al Rajhi Bank a portfolio purchase agreement to refinance over SAR 5 bn in real estate financing portfolio in what was the largest of its kind in the banking industry at the time.
