Saudi mortgage firm buys portion of ANB’s housing finance portfolio
Published 29 Jun,2021 via Arab News - Economy RIYADH - The Saudi Real Estate Refinance Company (SRC), the mortgage finance giant owned by the Kingdom’s sovereign wealth fund, the Public Investment Fund (PIF), said on Tuesday that it had bought a “significant portion” of the housing finance portfolio owned by Arab National Bank (ANB).
According to an SRC statement, the agreement will “provide liquidity to ANB, which in turn provides greater homeownership opportunities for over 2 million of the bank’s customers.”
The move is part of the Saudi government’s wider Vision 2030 goal to increase long-term liquidity in the housing financing market and boost the rate of Saudi homeownership to 70 percent by 2030.
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