Sovereign fund's unit buys mortgage portfolio from NCB

15/05/2018 Argaam

The Saudi Real Estate Refinance Company (SRC), owned by Public Investment Fund (PIF), has signed an agreement with the National Commercial Bank (NCB) to purchase a housing mortgage portfolio owned by the bank, the company said in a statement.

 

The agreement aims to boost home ownership rates in the kingdom and pump new liquidity into the real estate financing sector.

 

Last October, Saudi Arabia’s sovereign wealth fund set up a real estate refinancing company, in partnership with the housing ministry. The company is expected to refinance up to SAR 75 billion worth of mortgage debt over the next five years, reaching SAR 170 billion by 2026, according to media reports.

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