Interview: Financial exec talks about Saudi home ownership in the coronavirus era – ZAWYA

Interview: Financial exec talks about Saudi home ownership in the coronavirus era – ZAWYA

At the turn of 2020, Fabrice Susini, CEO of Saudi Real Estate Refinance Company (SRC), could look back on two years of significant progress toward the provision of affordable home ownership for the Kingdom's aspirational young population.. Increased property ownership was one of the main aims of the plan to diversify the Saudi economy away from oil dependency, setting a target of 70 percent home ownership by 2030.. New mortgage issuance had been "staggering," Susini said, and SRC had reached its target of facilitating 60 percent home ownership with months to spare.. "It was a very positive story," he said, allowing him to work on the next phase of Saudi Arabia's move toward being a home-owning economy - buying more mortgage portfolios from banks and other mortgage originators, injecting more liquidity into the housing market via domestic and international sukuk issuance, and offering new long-term fixed-rate mortgages to potential and actual home owners.. It is still an underserved market, compared with the demands and needs of the young, dynamic population aspiring to home ownership.. The mortgage industry in Saudi Arabia enjoys significant subsidies from the government for its products, and while some of these have been changed in