Latest news with #MajidbinAbdullahAl-Hogail
Zawya
22-02-2025
- Business
- Zawya
SRC completes pricing of its first $2bln international sukuk offering
London: The Saudi Real Estate Refinance Company (SRC), a PIF Company, has successfully completed the pricing of its first government-guaranteed international Sukuk, valued at USD 2 billion. The issuance, structured in two tranches with maturities of three and ten years, was oversubscribed 6 times, reflecting strong demand from more than 300 institutional investors. This Sukuk is part of SRC's USD 5 billion international Sukuk program that was listed on the London Stock Exchange (LSE) and is backed by strong credit ratings, reinforcing the company's position as a key player in the global housing finance market. The issuance will be listed on the International Securities Market (ISM) of the London Stock Exchange (LSE), further enhancing market liquidity and supporting Saudi Arabia's mortgage finance ecosystem. H.E. Majid bin Abdullah Al-Hogail, Minister of Municipalities and Housing and Chairman of the Board of the SRC, said: 'The successful listing of the international Sukuk Programme at the London Stock Exchange (LSE) reflects the unwavering support of our wise leadership and reinforces Saudi Arabia's housing finance ecosystem, while providing innovative financing solutions for citizens. This marks a significant milestone in integrating the Saudi economy with global markets, attracting foreign direct investment, enhancing liquidity, and developing the secondary mortgage market in Saudi Arabia.' H.E. Al-Hogail added: 'Saudi Arabia aims to expand the mortgage finance sector by SAR 500 billion by 2030, reaching SAR 1.3 trillion. The Kingdom's mortgage market was approximately SAR 800 billion in 2024, up from SAR 200 billion in 2018. These financings now account for 23% of total bank assets.' H.E. Al-Hogail highlighted that this growth is driven by the Kingdom's mega projects and the objectives of Vision 2030, which set a target homeownership rate of 70% for Saudi families by the end of the decade. By the end of 2023, homeownership reached 63.7%, surpassing the 63% target. 'The new issuance supports the sustainability of the housing sector and contributes to achieving the objectives of the Housing Program under Saudi Vision 2030 by providing more efficient funding channels,' he concluded. Majid Al-Abduljabbar, CEO of SRC, emphasized that the issuance reflects global market confidence in the Saudi economy and strengthens the diversification of funding sources. 'The listing of the Sukuk Programme on the LSE not only strengthens SRC's global presence and strategy to attract a diverse base of international investors, but also solidifies the company's position as a key player in the mortgage finance market, paving the way for new strategic partnerships and high-quality international investments.' Al-Abduljabbar said that the successful listing of the international Sukuk also reflects SRC's commitment to providing innovative financing solutions and accelerating the growth of Saudi Arabia's housing sector, contributing to the objectives of the Housing Program and the Financial Sector Development Program. SRC holds strong credit ratings from leading rating agencies, including Fitch ('A+' – Stable), S&P ('A' – Positive), and Moody's ('A2' – Positive). These ratings reinforce the company's strong position in launching its first international Sukuk Programme, which aligns with global Sukuk market standards and best practices in Islamic finance. 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 housing finance to individuals. Additionally, SRC works closely with partners to strengthen Saudi Arabia's housing ecosystem.
Leaders
29-01-2025
- Business
- Leaders
Future Real Estate Forum 2025 Launched in Riyadh
The Minister of Municipal and Housing Affairs, Chairman of the Board of Directors of the General Real Estate Authority, Mr. Majid bin Abdullah Al-Hogail, sponsored the launch ceremony of the fourth edition of the Real Estate Future Forum in Riyadh. The event, held under the slogan 'A Future for Humanity: From Dreams to Reality,' saw participation from over 120 countries, 500 speakers from the public and private sectors, and numerous prominent local and international figures. Pillar of Vision 2030 The Minister highlighted the significant real estate legislation in the Saudi real estate market, including systems, rules, and regulatory frameworks, which reflect the government's commitment to this sector. He emphasized that the real estate sector has become a cornerstone of the Kingdom's Vision 2030, driving economic growth and development. Enhancing Market Reliability, Trust The real estate brokerage system and its executive regulations have strengthened the reliability of the real estate market by providing a clear legal framework that protects the rights of all parties. This has fostered trust among investors, property owners, brokers, service providers, and clients. Additionally, the real estate contributions system, alongside regulations for off-plan projects and penalties, has contributed to remarkable growth, with 192 project licenses issued worth over 147 billion riyals (approximately 39.2 billion USD) in the past year. Global Opportunities for Real Estate Development The 'Future of Real Estate Forum' offers global, high-quality opportunities for the development of the real estate sector, focusing on sustainable and integrated cities equipped with municipal and housing services. These cities aim to meet the aspirations of residents and enhance their quality of life. The Minister emphasized that the exceptional growth in the Saudi real estate market is a result of a clear vision, advanced legislative frameworks, and a supportive economic environment. Dialogue Sessions on Real Estate Progress, Opportunities On its first day, the forum hosted dialogue sessions exploring the evolution of the municipal and housing sectors, investment opportunities across the Kingdom, and the role of economic integration in supporting growth. Discussions also highlighted the importance of the real estate registry in urban planning, the development of sustainable communities, and the need for innovation and modern technologies to unlock future prospects in the real estate landscape. Showcasing Innovation, Trends The Future of Real Estate Forum spans three days and includes a real estate exhibition featuring participation from major local and international companies, investors, and entities. The exhibition showcases the latest real estate technologies, advanced products, financing solutions, and market trends. It also highlights strategic steps to enhance the transparency, reliability, and investment appeal of the Saudi real estate market. Related Topics : Future of Real Estate Forum 2024 Signs over 50 Agreements Asir Region Unveils Tourism Vision at Real Estate Future Forum 2025 Riyadh Real Estate Future Forum Convenes on Jan. 22 with Focus on Innovation Real Estate Future Forum to Kick off in Riyadh Short link : Post Views: 16
