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SRC launches real estate backed securities
The Saudi Real Estate Refinance Company (SRC), a subsidiary of the Public Investment Fund, has launched the second issuance of mortgage-backed securities in Saudi Arabia. This marks the first of its kind to receive publicly announced credit ratings from Moody’s and Fitch. This issuance represents a significant development in building a sustainable secondary market for real estate financing, with the created portfolio valued at approximately 420 million SAR and including financings from six different funding institutions. The securities received high credit ratings, with Fitch assigning a AAA rating and Moody’s granting an Aaa rating, thereby enhancing transparency, encouraging institutional investor participation, and expanding real estate financing tools. This contributes to supporting the housing financing system and promoting economic growth in line with Saudi Arabia’s Vision 2030.
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