Saudi Real Estate Refinance Company collaborates with BlackRock to boost mortgage market
Date
8/26/2024 6:01:35 AM
(MENAFN) The Saudi Real estate Refinance Company (SRC), a subsidiary of the Public Investment Fund, has signed a memorandum of understanding with BlackRock in New York City. This partnership aims to advance real estate finance programs in Saudi Arabia and boost institutional involvement in the capital markets within the real estate sector. The memorandum focuses on accelerating the development of real estate refinancing programs, expanding through both local and international capital market channels, and diversifying funding sources via fixed-income markets. These efforts are intended to stabilize the real estate finance market and contribute to the housing and financial sector development goals outlined in Saudi Arabia's Vision 2030.
Majeed Fahd Al-Abdul Jabbar, CEO of SRC, highlighted that the agreement with BlackRock aligns with the company’s strategy to increase local and international investor participation in the Kingdom's real estate refinancing market. The collaboration will involve working with regulatory authorities to establish regulated and scalable frameworks and to create attractive investment opportunities in real estate refinancing securities. The agreement also aims to attract international investors, expand the real estate investment base, integrate global standards with local opportunities, and leverage international expertise to develop a more sophisticated secondary real estate finance market. This initiative is expected to enhance economic diversity and support the achievement of Vision 2030 goals.
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