Saudi Real Estate Refinancing Company – wholly owned by the Public Investment Fund – has announced the signing of its third agreement with the General Organization for Social Security, worth two billion riyals, with the aim of refinancing the program portfolio “Masaken” funded by the Foundation, in the presence of the Minister of Municipal and Rural Affairs of Housing and the Chairman of the Board of Directors of the Saudi Real Estate Refinancing Company, Majed bin Abdullah Al-Hogail, and the Governor of the General Organization for social insurance, Muhammad bin Talal Al-Nahhas.
The company stated in a press release that the deal arrives As an extension of two previous agreements signed, bringing the total value of the refinancing agreements between the two parties to 5 billion riyalsAs part of the strategic partnership to increase the liquidity of residential real estate financing and facilitate the ownership of Saudi families by benefiting from the Masaken program launched by “Social Security” in 2007, and to achieve the objectives of the housing program – one of the Kingdom’s Vision 2030 programs – to achieve a 70% ownership rate by 2030.
The deal is in in line with the commitment of the General Social Security Organization to work with the private sector to improve the services provided to beneficiaries in all cities and regions of the Kingdom, according to which Dar Al Tamleek Company operates and markets the Masaken program provide financing solutions in the form of Murabaha at a fixed cost for employees and retirees in the public and private sectors in order to increase the ownership share of the home in the kingdom.
The Governor of the General Social Insurance Organization said: “The General Social Insurance Organization is proud to be an important part of the Kingdom’s housing system and our leading role has prompted us once again to expand the our partnership with the Saudi Real Estate Refinance Company, where we work together to achieve the goals of the housing program – one of the Kingdom 2030 vision programs – as the agreement will enhance the achievement of these goals by providing property solutions for Saudi families .
For his part, the CEO of Saudi Real Estate Refinancing Company, Fabrice Sosini, said the agreement reflects the objectives of the Saudi Real Estate Refinancing Company in the Saudi real estate market by strengthening strategic partnerships with many parties to provide solutions to manage the risks and provide more liquidity to the market, noting that “this agreement will contribute to the achievement of the company’s objectives of increasing the home ownership share for Saudi families, improving the supply of residential real estate financing and reducing the cost of financing for Saudi families. , as well as providing more dynamic financing solutions to build a strong residential real estate financing sector in the Kingdom. “
While Dar Al Tamleek Company CEO Ghassan Al Amoudi stressed the importance of this agreement, which is the third of its kind, confirming the strength of Dar Al Tamleek’s management of the Masaken program over the past decade. that the Masaken program is one of the most successful real estate financing programs in the Kingdom, underlining the commitment of “Dar Al Tamleek” will continue to achieve success and provide the highest levels of service, expressing the hope that the agreement will contribute to increase ownership opportunities of Saudi families.
Interestingly, the Saudi Refinancing Company provides the necessary liquidity for real estate lenders to expand real estate financing by raising financing portfolios. in Sharia compliant securities for sale to local and international investors. benefit all stakeholders in the real estate market by increasing liquidity, reducing risks and reducing the cost of financing for Saudi families.
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