{"id":92763,"date":"2024-12-23T00:00:00","date_gmt":"2024-12-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/23\/src-acquires-sar-1-bn-mortgage-portfolio-from-bidaya\/"},"modified":"2024-12-23T00:00:00","modified_gmt":"2024-12-23T00:00:00","slug":"src-acquires-sar-1-bn-mortgage-portfolio-from-bidaya","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/23\/src-acquires-sar-1-bn-mortgage-portfolio-from-bidaya\/","title":{"rendered":"SRC acquires SAR 1 bn mortgage portfolio from Bidaya"},"content":{"rendered":"

PIF-owned <\/strong>Saudi Real Estate Refinance Company (SRC)<\/a><\/strong> signed an<\/strong> agreement to acquire a SAR 1 bn mortgage portfolio from <\/strong>Bidaya Finance<\/a><\/strong>, marking the largest transaction of its kind among mortgage companies, according to a press release<\/a>.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

The pitch: <\/strong>SRC\u2019s CEO emphasized the agreement\u2019s role in improving liquidity and stability, while Bidaya\u2019s CEO highlighted its contribution to innovative financing and the securities market. The agreement aims to boost homeownership, strengthen the real estate finance market, and expand refinancing opportunities.<\/p>\n

What we don\u2019t know: <\/strong>No details were made available on the terms and timeline for the portfolio transfer. The structure of the portfolio and its target market also remain unclear.<\/p>\n

REMEMBER:<\/strong> SRC inked an MoU with Saudi Mortgage Guarantees Services Company (Damanat) in October<\/a> that would see the latter provide coverage for the mortgage portfolios owned by the fund. The company also plans to issue its first USD-denominated bond<\/a> this year, following SAR 20 bn in bonds sold over the past three years.<\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction is the Kingdom\u2019s largest mortgage portfolio acquisition to date<\/p>\n","protected":false},"author":1,"featured_media":92764,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2574],"tags":[3583,10,1210,106,452],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-bidaya-finance","tag-enterpriseam-ksa","tag-mortgage","tag-real-estate","tag-saudi-real-estate-refinance","wpautop","entry"],"acf":{"mongo_id":"b5608956-ef8e-42ff-9587-12bc5824336a","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/334.jpg","photo_position":"above","homepage_title":"","full_issue_title":"SRC acquires SAR 1 bn mortgage portfolio from Bidaya","related_issue":[92758],"teaser":"The transaction is the Kingdom\u2019s largest mortgage portfolio acquisition to date","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.525ac207-dcd4-470b-abd2-256c1753ca60.mp3"},"yoast_head":"\nSRC acquires SAR 1 bn mortgage portfolio from Bidaya - 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