Saudi Arabia’s mortgage portfolios in ‘solid position’: Susini

Mortgage portfolios managed by banks and home financiers in Saudi Arabia are in a “solid position”, Fabrice Susini, chief executive of Saudi Real Estate Refinance Co. (SRC), told Argaam in an exclusive on Tuesday.

The company will unveil two new refinancing deals in a few days, following two facilities worth SAR 1.5 billion with Bidaya Home Finance and Deutsche Gulf Finance.

SRC targets to refinance SAR 50 billion by 2020, as the firms acquires mortgage portfolios with the lowest risks and injects cash in all financing entities in the local market, under flexible terms, Susini added.

The refinancing firm was launched last October by the Public Investment Fund (PIF), in line with the Saudi Vision 2030 to boost the real estate sector and raise its contribution to the Kingdom’s gross domestic product (GDP), Argaam reported.

The Kingdom is planning to raise the rate of home ownership among citizens from 47 percent to 52 percent by 2020.