Riyadh – Mubasher: Saudi Arabia-based, public investment fund (PIF) announced establishing Saudi a mortgage refinancing company to enhance the real estate sector’s performance, and to contribute in increasing the gross domestic product (GDP).
The Saudi Press agency (SPA) forecasted that loans of mortgage financing will grow to SAR 500 billion by 2020, from SAR 280 billion in 2017.
The new firm aims to develop the Kingdom’s housing sector through pumping liquidity in the mortgage financing sector, refinance about SAR 75 billion during the coming five years, to reach near SAR 170 billion by 2026.
The company will enhance the applied procedures in the mortgage sector and to provide financing through domestic and foreign sources.
The firm plans to acquire mortgage portfolios, issue mortgage-backed securities, and offer direct financing to the real estate financing companies.
