Riyadh – Mubasher: Deutsche Gulf Finance, a 31.62% subsidiary of Saudi Advanced Industries Company (SAIC), on Tuesday announced signing a partnership agreement with the Saudi company for real estate refinance at a value of SAR 1 billion.
The real estate refinance firm is a unit of the Saudi Public Investment Fund (PIF).
The contract, signed on Monday, will provide short-term financing for the purchase of a residential loans portfolio, according to SAIC’s statement to the Saudi Stock Exchange (Tadawul).
This contract will enable SAIC’s subsidiary to provide financing solutions which are compliant with Islamic Sharia.
