Saudi Real Estate Refinance Co, a unit of the kingdom’s sovereign wealth fund, set up an SR11 billion ($2.93 billion) Islamic bond program to increase liquidity in the country’s mortgage market.
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Saudi Real Estate Refinance Co is fully owned by the Public Investment Fund and was set up in 2017 to increase home ownership among Saudi citizens and promote the development of a housing finance market in the kingdom.
Demand for real estate financing in the kingdom is expected to increase from SR280 billion in 2017 to SR500 billion in 2026.
Launched in partnership with the Ministry of Housing, and under the chairmanship of Majed al-Hogail, the Minister of Housing,
SRC is expected to refinance up to SR75 billion for the kingdom’s housing sector over the next five years, reaching SR170 billion by 2026.
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