
The Saudi Real Estate Refinance Company (“SRC”), a Public Investment Fund (“PIF”) company, has signed a Memorandum of Understanding (MoU) with Hassana Investment Company (”Hassana”) the investment manager of the General Organization Social Insurance (“GOSI”). This strategic collaboration aims to advance the Kingdom of Saudi Arabia’s financial and housing sectors, aligning with the goals of Saudi Vision 2030.
The MoU aims to deepen and expand the Kingdom’s capital markets, enhance liquidity, and promote growth in the housing finance sector through real estate securitizations. This partnership introduces an innovative asset class in the Kingdom – the first of its kind in the region – by issuing residential mortgaged-backed securities, which is expected to attract a diverse base of global investors while expanding Sharia-compliant investment opportunities.
Hassana’s participation as a leading institutional investor underscores the potential for the investors to align efforts in creating sustainable economic tributaries. The partnership includes Hassana’s founding role in supporting mortgage portfolio securitizations facilitated by SRC, driving long-term value in the housing finance ecosystem.
Majeed Al Abduljabbar, CEO of SRC, stated: “Our partnership with Hassana marks a significant milestone in supporting the evolution of the housing finance landscape and fostering the development of Saudi Arabia’s capital markets. Together, we aim to introduce innovative financial frameworks that deliver value to both investors and citizens while aligning with Vision 2030’s objectives.”
Saad Al Fadhli, CEO of Hassana, added: “This collaboration establishes a new standard for partnerships, enabling the development of scalable financial solutions that contribute to the Kingdom’s economic development goals. It aligns with Hassana’s strategy of diversifying its investment portfolios through long-term partnerships with entities like SRC.”
The Saudi Real Estate Refinance Company is a key government initiative aimed at achieving the housing program targets under Saudi Vision 2030. The company serves as a fundamental pillar in supporting the housing system by injecting liquidity into the residential real estate finance market, ensuring its continuity and stability. Additionally, the company has obtained a license from the Saudi Central Bank to operate in the field of real estate refinancing.
Hassana is firmly committed to delivering sustainable financial returns that drive long-term economic growth. Through strategic investments across a diverse array of sectors.