Riyadh, Saudi Arabia: – The Board of Directors of the Saudi Real Estate Refinance Company (SRC), wholly owned by the PIF and headed by His Excellency the Minister of Municipal and Rural Affairs and Housing, Mr. Majed bin Abdullah Al-Hogail, announced today that Mr. Majeed Al Abduljabbar will assume the role of Chief Executive Officer, effective January 1, 2024 to succeed former CEO, Mr. Fabrice Susini after obtaining clearance from Saudi Central Bank.

Al Abduljabbar is considered one of the leading executives within the Kingdom based on his extensive professional career of 26 years within the public and private sector of the financial and banking industry.

The company’s Board of Directors expressed their gratitude to the former CEO, Mr. Fabrice Susini, for his extensive efforts over the years in strengthening the company’s position in the real estate finance sector in the Kingdom. He also supported the development of a management team that possesses the best international practices in this field, and contributed to the company’s achievements during his tenure.

It is noteworthy that the new CEO of SRC, Majeed Al Abduljabbar, held various positions during his career; most notably, he was serving as the Director of Risks at the Capital Markets Authority (CMA), and as a senior advisor to the Chairman of the Board for the Capital Market Authority, during which he worked on a number of initiatives within the Authority’s plan and strategy in line with the objectives of the Kingdom’s Vision 2030.

Al Abduljabbar was also part of the team that supervised Aramco’s public offering in the Saudi market. He also represented the Kingdom in several committees at the International Organization of Securities Commissions (IOSCO).

His professional journey included working in the banking sector for more than 15 years with local banks, including the treasury department at HSBC Bank in London, Samba, and Arab National Bank, also he contributed to establishing the Department of Innovative Investment Solutions at SABB (now SAB).

The Saudi Real Estate Refinance Company (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)                                 
Joann Joseph, Instinctif Partners
info@srco.com.sa                                                                                          src@instinctif.com