Saudi Housing Minister Attends Listing of SRC's First Int'l Sukuk Program on London Stock Exchange
In a strategic move that reinforces Saudi Arabia's position in global financial markets, Minister of Municipalities and Housing and Chairman of the Saudi Real Estate Refinance Company (SRC) Majed Al-Hogail visited London to oversee the listing of SRC's first international sukuk Program, valued at $5 billion, on the London Stock Exchange.
The listing marks a pivotal step in strengthening the Kingdom's mortgage finance market by enhancing liquidity, attracting foreign investments, and supporting the objectives of Saudi Vision 2030.
It also aligns with the goals of the Financial Sector Development Program and the Public Investment Fund (PIF) initiatives by advancing the housing sector and enabling citizens to access sustainable home financing.
The listing ceremony was attended by Saudi Ambassador to the United Kingdom Prince Khalid bin Bandar bin Sultan, Lord Mayor of the City of London Alastair King and senior officials from the financial and investment sectors, reported the Saudi Press Agency on Saturday.
Al-Hogail emphasized that this listing reflects the strength of the Saudi economy and the attractiveness of the Kingdom's real estate market to international investors. The international sukuk issuance facilitates Saudi Arabia's integration into global financial markets, bolsters foreign direct investment, and diversifies funding sources for the housing sector.
SRC plays a critical role in ensuring the sustainability of mortgage finance by developing innovative financing solutions that support mortgage lenders and expand financing options for citizens at competitive rates, he added.
The sukuk issuance aims to stimulate foreign investment in the housing market, as Saudi Arabia seeks to increase homeownership rates to 70% by 2030 through sustainable financing solutions and the development of a secondary mortgage market, he went on to say.
SRC CEO Majid Al-Abd Al-Jabbar stressed that the successful listing of the Sukuk Program reflects global market confidence in Saudi Arabia's economy and the sustainability of its mortgage finance sector.
This milestone will pave the way for new strategic partnerships with leading global financial institutions, enhancing SRC's ability to provide advanced and sustainable financing solutions, he stated.
This move further strengthens Saudi Arabia's real estate market as a global investment hub, benefiting from a robust economic environment, flexible regulations, and the Kingdom's strategy to attract international investments ultimately contributing to the sustainable development of the housing sector.
The Saudi Real Estate Refinance Company was established by the Public Investment Fund in 2017 with the aim of developing the Kingdom's real estate finance market.
Licensed by the Saudi Central Bank to operate in the field of real estate refinancing, SRC plays a pivotal role in achieving the objectives of the Housing Program under Saudi Vision 2030, which seeks to increase homeownership rates among Saudi citizens. This is accomplished by providing liquidity to financiers, enabling them to offer affordable housing finance to individuals, and working closely with partners to support the Kingdom's housing ecosystem.
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