Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), has set up a mortgage refinancing company to boost Saudi home ownership, state-run Saudi Press Agency has reported.
In aims that align with Saudi Vision 2030, the fund is planning to provide the ministry of housing with SAR 75 billion in refinancing over the next five years, reaching up to SAR 170 billion by 2026.
The new company, Saudi Mortgage Refinancing Company, will to acquire mortgage portfolios, issue mortgage-backed securities and offer direct and indirect refinancing.
Earlier this week, PIF set up the National Energy Efficiency Services Co. with a capital of SAR 1.9 billion.
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