SRC signs deal with Bank AlJazira to buy SAR 300 mln property mortgage portfolio

03/11/2021 Argaam

Agreement signing ceremony

Saudi Real Estate Refinance Co. (SRC), a subsidiary of the Public Investment Fund (PIF), signed an agreement with Bank AlJazira to buy a mortgage portfolio at a value of more than SAR 300 million.

 

The agreement, which is an extension of an earlier agreement signed between the two sides, brings the total value of refinanced mortgage portfolios to SAR 480 million, according to a company statement.

 

The agreement was signed by Fabrice Susini, CEO of SRC, and Naif Al Abdul Karim, CEO and Managing Director of Bank AlJazira.

 

The agreement aims to provide long-term liquidity to the Kingdom's residential market and facilitate the risk management in the sector.

 

This is the biggest mortgage refinance agreement to be seen in the banking sector.

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