Saudi Arabia enlists BlackRock to improve MBS market: Report

23/10/2024 Argaam
Riyadh city

Riyadh city

Saudi Arabia enlisted BlackRock, the world's largest asset manager, to help develop a mortgage-backed securities (MBS) market, aiming to boost homeownership, Bloomberg reported.

 

BlackRock CEO Larry Fink stated that Saudi Arabia hopes the creation of a secondary mortgage market will enable banks to offer lower interest rates to borrowers and improve the overall cost of homeownership.

 

Fink added that interest rate spreads are significantly higher than they would be with a securitization market, suggesting margins would shrink, benefiting homeowners and reducing homeownership costs.

 

According to data available on Argaam, the Saudi Real Estate Refinance Co. (SRC) signed an agreement with BlackRock to develop the real estate finance sector, expand the local and international investor base, and ensure market stability and diverse financing options.

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