#Saudi Real Estate Refinance Co plans up to $1.07bln sukuk sale this year -CEO | ZAWYA MENA Edition

Saudi Real Estate Refinance Co plans up to $1.07bln sukuk sale this year -CEO | ZAWYA MENA Edition:

Saudi Real Estate Refinance Co (SRC), modelled on U.S. mortgage finance firm Fannie Mae, aims to issue up to 4 billion riyals ($1.07 billion) of long-term sukuk this year, its chief executive said on Tuesday.

The plan by SRC, a subsidiary of Saudi Arabia's sovereign Public Investment Fund, comes as it prepares to purchase more home loan portfolios from mortgage financing companies and banks to boost the kingdom's secondary mortgage market. 


SRC, formed in 2017, is also keen to tap foreign institutional investors for its debt sale this year, Fabrice Susini told Reuters in an interview.