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Riyadh, Saudi Arabia:– The Saudi Real Estate Refinance Company (SRC), which is wholly owned by the Public Investment Fund (PIF), has signed a sponsorship deal with the Saudi football club Al Ittihad for the upcoming three years. The sponsorship deal includes commercial and marketing rights, benefitting both parties.
Majeed Fahad. Alabduljabbar, Deputy CEO of SRC, said: “The sponsorship is part of SRC’s support for the development of the Kingdom’s thriving sports sector and the key objectives of Vision 2030’s “Quality of Life Program” to promote sporting activity”.
“SRC's commitment to this agreement stems from its desire to contribute to the realization of the Kingdom’s Vision 2030's objectives and to enhance its social responsibility towards the overall sports landscape. Sports and entertainment have become increasingly prominent to the Saudi economy and play a crucial role in the country's future development, making it an attractive destination across various industries. We take great pride in being part of the Kingdom's sports sector development.”
Abdulwahab Abed, CEO of Al-Ittihad expressed his delight in signing the agreement following an exceptional sports season, saying: “This partnership with SRC would foster the club's expansion and provide support for its domestic and international endeavors moving forward”.
SRC was established in 2017 with the aim of helping transform the local housing market. SRC obtained a license from the Saudi Central Bank to operate in real estate refinancing through the secondary market.
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About Saudi Real Estate Refinance Company (SRC):
Fully owned by the Public Investment fund (PIF), the Saudi Real Estate Refinance Company (SRC) was established in 2017, after obtaining a license to operate in the secondary real estate market by the Saudi Central Bank, with the goal of transforming the local housing market.
SRC enables individuals and entities interested in direct or indirect real estate financing to increase and diversify origination of long-term fixed-rate (LTFR) products.
As one of its primary roles, SRC provides banks and real estate finance companies with liquidity or capital relief, enabling growth in the home financing sector to increase home ownership rates among Saudi citizens. SRC will subsequently aggregate and packages home financing portfolios into mortgage-backed securities to be sold to domestic and international investors.
With a world class management team drawing from international best practice, SRC is uniquely positioned to become the partner of choice for banks and non-bank lenders in the Kingdom.
SRC is rated ‘A’ (stable) by Fitch Ratings, A- (stable) by S&P Global and ‘A2’ (positive) by Moody’s Investors Service.
For more information please visit: http://srco.com.sa/
For press enquiries, please contact:
Saudi Real Estate Refinance Company (SRC)
src@instinctif.com
Joann Joseph, Instinctif Partners
info@srco.com.sa