The Saudi Real Estate Refinance Co. (SRC), a wholly-owned subsidiary of the Public Investment Fund (PIF), signed a joint cooperation agreement with Alinma Bank to acquire a real estate financing portfolio.
The agreement falls within the company’s continuous efforts to support the residential real estate market in the Kingdom, by expanding the acquisition of real estate financing portfolios and providing the necessary liquidity to ensure financial stability in the market.
The agreement was jointly signed by the company’s CEO, Fabrice Susini, and Alinma Bank CEO, Abdullah bin Ali Al-Khalifa.
Susini said the agreement was part of the company’s ongoing efforts to expand its partnerships with real estate financiers in the Kingdom.
Meanwhile, SAMA told all banks and financial institutions operating in the Kingdom that subsidies provided by government agencies to clients should not be classified within the customer’s total monthly income.
According to information obtained by Asharq Al-Awsat, SAMA notified financial institutions and banks that the exception to the documented government support provided by the Ministry and the Fund did not include amounts that are not paid periodically within the client’s total monthly income.
