KSA Business: Saudi REDF in deal to refinance $2.7bn real estate portfolio – Gulf Digital News

KSA Business: Saudi REDF in deal to refinance $2.7bn real estate portfolio – Gulf Digital News

The Real Estate Development Fund has announced the signing of a funding partnership agreement, a first of its kind, with the Saudi Real Estate Refinance Company (SRC) to refinance a real estate portfolio owned by the fund with a total value of SR10 billion ($2.28 billion).

The agreement aims at enhancing the financial sustainability of the fund, increasing the liquidity of the housing real estate financing market in the kingdom, reducing financing costs for Saudi households, and increasing the percentage of housing ownership among Saudi families to 70% by 2030, in a bid to realize the targets of the Saudi Vision 2030 programme.

The agreement was signed by REDF CEO Mansour bin Madi and SRC CEO Fabrice Susini in the presence of Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of REDF Majid bin Abdullah Al Hogail.

REDF offers loans with subsidized profits of up to 100 per cent with a value of SR500,000 to meet the needs of Sakani beneficiaries, ranging from subsidized real estate loans to benefit from various options ranging between self-construction, buying ready housing units or those under construction, in partnership with more than 18 financing institutions.