Latest news with #MajidAlHogail
Zawya
3 days ago
- Business
- Zawya
SRC signs portfolio acquisition deal with Arab National Bank
Saudi Real Estate Refinance Company (SRC), a PIF company, has signed a new agreement with Arab National Bank to acquire a real estate finance portfolio. The agreement was signed in the presence of Majid bin Abdullah Al-Hogail, Minister of Municipalities and Housing and Chairman of the Board of the Saudi Real Estate Refinance Company, and Eng Salah Rashid Al-Rashed, Chairman of the Board of Arab National Bank. The agreement marks an extension of the strategic partnership between the two parties and reaffirms their shared commitment to supporting the growth and sustainability of the real estate finance market in the kingdom, said a statement. It aims to enhance liquidity for lenders and enables home ownership among citizens through advanced financing solutions that align with the objectives of the Housing Program under Saudi Vision 2030, contributing to the target of achieving 70% home ownership. Majeed Fahd Al-Abduljabbar, CEO of the Saudi Real Estate Refinance Company, said the agreement reflects the shared vision with Arab National Bank to enable home ownership among citizens by establishing a more efficient and sustainable secondary real estate finance market. It aligns with the ambitions of the coming phase and enhances the sector's appeal to both local and international investors. Obaid bin Abdullah Al-Rasheed, CEO of Arab National Bank, stated that the partnership with the Saudi Real Estate Refinance Company is a strategic step within the bank's ongoing efforts to provide innovative financing solutions that drive market growth and sustainability. He expressed confidence that this collaboration will contribute to establishing a strong and effective real estate market built on efficiency and trust. The agreement comes as part of a series of initiatives led by the Ministry of Municipalities and Housing to enhance citizen empowerment and build an integrated, stable financing environment that advances the Kingdom toward achieving both housing and economic objectives. SRC was established by the Public Investment Fund (PIF) in 2017 to develop Saudi Arabia's real estate finance market. It operates under a licence from the Saudi Central Bank (SAMA) to facilitate real estate refinancing. SRC plays a key role in achieving the objectives of the Housing Program under Saudi Vision 2030, which aims to increase homeownership rates among Saudi citizens. The company supports this goal by providing liquidity to lenders, enabling them to offer affordable real estate finance to individuals. Additionally, SRC works closely with partners to strengthen Saudi Arabia's housing ecosystem, said the statement. Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
3 days ago
- Business
- Zawya
The Saudi Real Estate refinance Company signs a portfolio acquisition agreement With Arab National Bank
Riyadh, KSA – The Saudi Real Estate Refinance Company (SRC), a PIF company, has signed a new agreement with Arab National Bank to acquire a real estate finance portfolio in the presence of His Excellency Majid bin Abdullah Al-Hogail, Minister of Municipalities and Housing and Chairman of the Board of the Saudi Real Estate Refinance Company, and Eng. Salah Rashid Al-Rashed,Chairman of the Board of Arab National Bank. This agreement marks an extension of the strategic partnership between the two parties and reaffirms their shared commitment to supporting the growth and sustainability of the real estate finance market in the Kingdom. It aims to enhance liquidity for lenders and enables home ownership among citizens through advanced financing solutions that align with the objectives of the Housing Program under Saudi Vision 2030, contributing to the target of achieving 70% home ownership. Majeed Fahd Al-Abduljabbar, CEO of the Saudi Real Estate Refinance Company, affirmed that the agreement reflects the shared vision with Arab National Bank to enable home ownership among citizens by establishing a more efficient and sustainable secondary real estate finance market. It aligns with the ambitions of the coming phase and enhances the sector's appeal to both local and international investors. Obaid bin Abdullah Al-Rasheed, CEO of Arab National Bank, stated that the partnership with the Saudi Real Estate Refinance Company is a strategic step within the bank's ongoing efforts to provide innovative financing solutions that drive market growth and sustainability. He expressed confidence that this collaboration will contribute to establishing a strong and effective real estate market built on efficiency and trust. The agreement comes as part of a series of initiatives led by the Ministry of Municipalities and Housing to enhance citizen empowerment and build an integrated, stable financing environment that advances the Kingdom toward achieving both housing and economic objectives. The Saudi Real Estate Refinance Company (SRC) was established by the Public Investment Fund (PIF) in 2017 to develop Saudi Arabia's real estate finance market. It operates under a license from the Saudi Central Bank (SAMA) to facilitate real estate refinancing. SRC plays a key role in achieving the objectives of the Housing Program under Saudi Vision 2030, which aims to increase homeownership rates among Saudi citizens. The company supports this goal by providing liquidity to lenders, enabling them to offer affordable real estate finance to individuals. Additionally, SRC works closely with partners to strengthen Saudi Arabia's housing ecosystem.
Zawya
01-08-2025
- Business
- Zawya
SRC signs a real estate finance portfolio purchase agreement with Bank Albilad
Riyadh, KSA - The Saudi Real Estate Refinance Company (SRC), a PIF company, has signed a real estate finance portfolio purchase agreement with Bank Albilad. The signing took place in the presence of His Excellency Majid bin Abdullah Al-Hogail, the Minister of Municipalities and Housing and Chairman of SRC, alongside Mr. Nasser bin Mohammed Al-Subaie, Chairman of Bank Albilad. This strategic step reinforces the ongoing partnership between the two entities and reflects their shared commitment to supporting the growth of the Kingdom's residential real estate finance market. The agreement forms part of a broader series of future initiatives aimed at deepening collaboration between SRC and the bank over the coming year, in support of the development of the housing and financial sectors. It aligns with Saudi Vision 2030 objectives to enhance financial sustainability and stimulate economic growth. Commenting on the signing, SRC CEO Majeed bin Fahed Al-Abduljabbar stated: 'This agreement marks an important milestone in strengthening our refinancing capabilities and in offering financing solutions for Saudi citizens. We value our continued partnership with Bank Albilad, which will play a key role in advancing future securitization plans, enhancing the sustainability of the residential real estate finance market, and attracting both local and international investment.' Bank Albilad CEO Abdulaziz Al-Anizan said: 'Our partnership with SRC represents a pivotal step in supporting and developing the Kingdom's real estate finance sector, while contributing to the ongoing evolution of Saudi capital markets. Together, we aim to deliver innovative financial solutions that create real value for both the financial and housing sectors, in line with Vision 2030.' This agreement builds on the existing partnership between the two institutions, established in 2022, which aims to promote sustainability in the Kingdom's housing finance market and provide citizens with suitable home financing options. The Saudi Real Estate Refinance Company (SRC) was established by the Public Investment Fund in 2017 to develop the Kingdom's real estate finance market. Licensed by the Saudi Central Bank (SAMA), SRC plays a vital role in facilitating mortgage refinancing and achieving the objectives of the Housing Program under Saudi Vision 2030, which aims to increase homeownership among Saudi citizens. By providing liquidity to lenders, SRC enables them to offer more affordable housing finance solutions. The company also works closely with its partners to strengthen the broader housing ecosystem in Saudi Arabia.
Asharq Al-Awsat
10-07-2025
- Business
- Asharq Al-Awsat
New Chapter for Saudi Real Estate Market as Foreign Ownership Allowed
Saudi Arabia has approved a new law allowing non-Saudis to own real estate across the Kingdom, a move officials say will stimulate foreign investment, increase the quality and availability of housing stock, and help bring balance to the property market. The decision, announced by the Council of Ministers on Tuesday, marks a shift in the structure of the real estate sector and aligns with the Kingdom's broader strategy to diversify investment and improve urban development under its Vision 2030 reform agenda. Municipal and Rural Affairs and Housing Minister Majid Al-Hogail said the new framework is expected to attract foreign developers and investors, increase competition in the domestic market, and ultimately help stabilize prices while improving housing options for Saudi citizens. 'A Strategic Restructuring' 'This step will encourage real estate supply and raise the quality of developments,' Al-Hogail said in a statement. 'It supports the economic momentum and investment movement we are witnessing under Vision 2030.' Khalid Al-Jasser, head of Amaken Group and a real estate specialist, said the updated system prioritizes Saudi citizens' interests and will include mechanisms to regulate the market and achieve planned targets—chief among them, property market balance. He added that the move would introduce global real estate standards to the Kingdom and draw capital to improve housing infrastructure, while creating jobs and lowering property prices. 'This is more than just an investment measure—it's a structural shift,' Al-Jasser said. Focus on Mega Projects and New Cities Khaled Almobid, CEO of Menassat Realty Co., said the measure would allow foreign investors to buy properties in major development zones such as NEOM and the Red Sea Project—areas central to Crown Prince Mohammed bin Salman's economic diversification efforts. Almobid said the law is intended to protect Saudi homebuyers from being priced out of the market, while enabling high-value foreign investment that brings hard currency and supports large-scale development. 'The focus will be on strategic areas,' he said. 'We expect foreign ownership will be restricted in districts designated for Saudi housing, with safeguards against speculation.' He noted that details would become clearer once executive regulations are released. Riyadh Housing Reforms The foreign ownership law follows a series of housing reforms launched in March by Crown Prince Mohammed, aimed at curbing soaring land and rental prices in Riyadh. As part of the measures, the government lifted bans on land sales, divisions, and permits, and instructed the Royal Commission for Riyadh City to develop 10,000 to 40,000 new residential plots annually over the next five years - priced at no more than 1,500 riyals ($400) per square meter - for eligible citizens. Eligibility is limited to married Saudis or individuals over 25 years old with no prior property ownership. The government also pledged to amend regulations governing undeveloped land fees and tenant-landlord relations within 60 to 90 days to boost supply and protect all parties' rights. The Real Estate General Authority and the Royal Commission were also tasked with monitoring Riyadh property prices and submitting regular reports.
Argaam
08-07-2025
- Business
- Argaam
Non-Saudi property ownership law to take effect in 2026: Al-Hogail
Majid Al-Hogail, Minister of Municipal, Rural Affairs and Housing, said the new law regulating property ownership by non-Saudis aims to boost the real estate sector and attract foreign direct investments to support housing supply across the Kingdom. Al-Hogail, who is also Chairman of the Real Estate General Authority (REGA), said the new law safeguards citizen interests through introducing mechanisms to regulate the market and ensure real estate balance. It allows non-Saudis to own property within specific geographic zones, most notably Riyadh and Jeddah, while applying special conditions for Makkah and Madinah. REGA will be responsible for defining the approved zones for non-Saudi ownership and preparing the executive regulations for the law, which will be published for public consultation on the Istitlaa platform within 180 days. The law, scheduled to go into effect in January 2026, aligns with the regulations governing premium residency and existing rules that allow GCC nationals to own property for residential or investment purposes.
