The Saudi Real Estate Refinance Company (SRC), a subsidiary of the Public Investment Fund (PIF), has acquired a SAR 3.4 billion mortgage portfolio from the Saudi National Bank (SNB), marking one of the largest mortgage refinancing transactions in Saudi Arabia.
The agreement was signed by SNB CEO Tareq Al-Sadhan and SRC CEO Majeed Al-Abduljabbar. This transaction aims to inject long-term liquidity into the residential mortgage market, supporting Saudi Arabia’s Vision 2030 objective to increase homeownership rates to 70%.
This acquisition aligns with SRC’s ongoing efforts to strengthen the secondary mortgage market and develop Residential Mortgage-Backed Securities (RMBS), enhancing market liquidity and attracting both local and international investors.
