Riyadh, August 1st, 2018
Today, Saudi Real Estate Refinancing Company (SRC) signed a partnership agreement with Dar Al Tamleek (DAT) to help provide more accessible home loans at better mortgage rates. The signing was sponsored by His Excellency Majed Al Hogail, Minister of Housing and Chairman of SRC.
The agreement, the fifth signed by SRC with lenders over the last eight months, highlights the importance of the public and private sectors working together to increase liquidity in the mortgage market. This, in turn, will make it easier for Saudis to own their own homes and build equity helping fulfill Vision 2030’s housing goals.
Fabrice Susini, Chief Executive Officer at SRC, and Yasser Abu Ateek, Chief Executive Officer, at DAT with participation of chief executives and board members from both sides were present at the signing ceremony at the Ministry of Housing.
“This partnership agreement with DAT is another important step towards SRC’s goal of enabling lenders to provide more accessible loans at better rates,” said Susini. “We look forward to continuing our journey in partnership with DAT and other financial institutions to increase liquidity, stabilize the secondary mortgage market, and unlock the housing market’s potential.”
“We want to help realize Vision 2030’s goal of helping more Saudis own their own homes,” said AbdulMohsen Ibrahim AlTouq, Vice Chairman, at Dar Al Tamleek. “This agreement will help us provide more mortgages, expand our portfolio of products, and play our role in the development of the nation’s housing market.”
The SAR1.2 billion agreement covers the purchase of a portion of DAT’s existing housing loan portfolio and provides an additional 18-month facility for short term financing.
SRC has so far, signed upwards SAR 3.4 billion worth of deals, and has additional budget to fund mortgage portfolio acquisition and short-term warehousing deals, thereby creating the market conditions that enable banks to offer more home loans.