Bidaya signs SAR 1 bln refinancing deal with Saudi Real Estate Refinance

27/12/2017 Argaam

 

The Saudi Real Estate Refinance Co. (SRC) has inked a SAR 1 billion strategic agreement with Bidaya Home Finance, the company said in a statement on Wednesday.

 

The new partnership will provide short-term finance and allows acquisition of housing loan portfolios.

 

It will also enable Bidaya to offer various Sharia-compliant financing solutions to boost home ownership among Saudis.

 

The mortgage refinancing firm is looking to inject more liquidity into the property market and raise the rate of house ownership among citizens, the company's chief executive, Fabrice Susini, said.

 

SRC was established in October by the Kingdom’s Public Investment Fund (PIF) and is expected to refinance up to SAR 75 billion for the housing sector over the next five years, Argaam reported.

 

Earlier this month, SRC signed a SAR 1 billion strategic refinancing deal with Deutsche Gulf Finance (DGF).

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