The Saudi Real Estate Refinance Company has entered into a partnership agreement with the National Bank for the purchase of a housing finance portfolio in the presence of His Excellency the Minister of Housing and Chairman of the Board of Directors of the Saudi Mortgage Refinancing Company, Mr. Majed bin Abdullah Al-Hogail.
The agreement between the Saudi Real Estate Refinance Company and a local bank consider as the first of its kind, to support buyers seeking housing to benefit more easily from home finance solutions and to enhance ownership opportunities, and to inject more liquidity to resubmit those wishing to buy real estate through Al Ahli Bank.
The agreement was signed at the headquarters of the General Administration of the NCB of Jeddah between the Deputy Chief Executive Officer, Head of the Retail Banking Group at the NCB of Saudi Arabia, Mr. Hamed Bin Mohammed Fayez and the CEO of Saudi Real Estate Refinance Company, Mr. Fabrice Sousini. Saeed bin Mohammed Al Ghamdi, and a group of senior executives from both entities.
For his part, the CEO of Saudi Real Estate Refinance Company, Fabrice Sousini, said that signing the agreement with Al Ahli Bank helps buyers to buy housing. The agreement supports the objective of the company to enable financiers to provide housing finance solutions to beneficiaries at a lower cost. And stressed the fact that this agreement is a living example to highlight the role of "mortgage refinancing" in order to liberalize the housing sector.
"The relationship with NCB is more than simply buying a portfolio from a financier. We hope that the agreement will be a significant addition and one of several partnership agreements with banks and financing institutions, to enable financing institutions to offer easier housing finance solutions." he added.
From his side, Said Al Ghamdi, Chief Executive Officer of National Bank, said:
"Our agreement with the Saudi Refinance Company is in line with one of our most important strategic goals for 2018 by making NCB a preferred housing finance partner by supporting national housing initiatives. The "Mortgage Refinancing" party supports the development of the secondary housing finance market in Saudi Arabia.
This is the third agreement signed by "mortgage Refinancing" with finance companies and institutions, through which the wholly owned subsidiary of the Public Investment Fund aims to inject SR3 billion through financing and acquisition of portfolios to create the right conditions in the mortgage market, Offering more and more affordable housing finance solutions.