The Saudi Company: Refinancing real estate portfolios of 28 billion riyals in 4 years


The Saudi Real Estate Refinance Company has contributed to refinancing real estate portfolios with amounts exceeding 28 billion riyals, including credit facilities for financing companies that have been recycled for a period of four years.

Al-Eqtisadiah newspaper quoted the CEO of Business and Markets in the Saudi Real Estate Refinancing Company, Majeed Al-Abdul-Jabbar, that the value of the portfolio, which the company has refinanced since its inception until now, amounted to about 19.5 billion riyals with most Saudi banks, real estate finance companies and related government agencies. Relationship".

He added that the number of these agencies reached 13, while work is underway with seven other parties, which will be a precedent for refinancing with all licensed real estate financiers, and thus refinancing will be more smooth when the need arises.

The company aims to strengthen the housing system in the Kingdom to achieve the objectives of the Kingdom's Vision 2030 to increase home ownership locally, and provide liquidity to financing service providers by purchasing real estate finance portfolios from local banks and real estate finance companies.

The Vice President for Business and Markets at the Saudi Refinancing Company stated that the volume of sukuk issued by the company since 2018 until now amounted to 6.7 billion riyals, while the company intends to launch an international sukuk program after taking the necessary regulatory approvals as part of the company's strategy to diversify sources of financing.