BlackRock has signed a memorandum of understanding with the Saudi Real Estate Refinance Company (SRC), a company within the Saudi government–owned Public Investment Fund, to further develop the kingdom’s real estate finance market, according to media outlets.
The memorandum seeks to speed to accelerate the development of Saudi Arabia’s real estate refinancing market programs while expanding local and international capital market channels. The companies will also work together to diversify funding sources through fixed-income markets. The partnership will be used toward the housing and financial sector development program goals of the kingdom’s Vision 2030 initiative.
“The new agreement with BlackRock is part of the company’s ongoing efforts to expand the participation of both local and international investors in the real estate refinancing market in the kingdom by working with regulators to establish scalable, well-regulated frameworks and create attractive
