Who we are

The Saudi Real Estate Refinance Company (SRC) was established in 2017 with the purpose of developing the housing finance market in the Kingdom of Saudi Arabia (‘KSA’) by enabling originators to offer home buyers long and short-term financing solutions.

SRC plays an important role in the National Transformation Plan 2020 and Vision 2030 housing sector plan to increase the number of citizens owning their own homes to 60% by 2020.

SRC is owned by the Public Investment Fund (PIF) and licenced to operate in the secondary real estate market by the Saudi Arabian Monetary Authority (SAMA). With a world-class management team following international best practice, SRC is uniquely positioned to become the partner of choice for lenders.

While SRC does not offer mortgages direct to home buyers, it offers funding to lenders, who are banks and finance companies, to enable them to offer accessible home loans for homebuyers.  By creating an effective secondary market, where home loans and servicing rights are bought from lenders (the mortgage originators) and sold to investors, SRC has increased liquidity making mortgages more accessible for Saudis.

Our mission

Act as an intermediary, by matching liquidity, capital, and risk management needs of originators (banks and finance companies) with risk appetite and return objectives of investors.

SRC also aims to raise home loan industry standards in Saudi Arabia.

Our vision

SRC’s vision is to be a catalyst of growth and stability in the Kingdom of Saudi Arabia’s real estate finance sector.

Our objectives

  • Ensure stability and growth of the secondary market
  • Improve liquidity to the secondary market
  • Provide access to local and foreign financing sources

Our Business

The Saudi Real Estate Refinance Company (SRC), established in 2017, enables originators to offer long and short-term financing solutions to home buyers through refinancing loan portfolios. SRC plays an important role in helping Saudis gain access to mortgage loans which are forecast to grow from SAR290 billion to SAR500 billion by 2020 and to SAR800 billion over the next 10 years.

Borrower

SRC does not provide financing solutions directly to potential homeowners. SRC provides funds to banks and finance companies so they can offer attractive mortgage loans. By enabling lenders, SRC improves mortgage accessibility and affordability and helps Saudis own a home.

Lender

Banks and finance companies provide mortgages using their own funds. By purchasing their loan portfolios or providing additional funding, SRC ensures they can offer attractive mortgage financing.  This, in turn, increases the availability and affordability of mortgages.

SRC

SRC has a dual function.  First, it ensures that there is accessible and affordable mortgage financing available for Saudi banks and finance companies.  Second, SRC makes this possible through aggregating loan portfolios and packaging them into Mortgage Backed Securities (‘MBS’). SRC aligns the liquidity, capital and risk management requirements of mortgage providers with the risk acceptability and return on equity to meet investor targets.

Investors

To fund its work, SRC packages home loans made by banks and finance companies into Mortgage Backed Securities (‘MBS’). Made up of short/long-term Sukuks or commercial paper, MBS are marketed to investors who provide SRC with new funding which is then used to purchase additional loan portfolios and provide funding to Saudi banks and finance companies.

Fabrice Susini

Chief Executive Officer (CEO)

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Fabrice Susini

Chief Executive Officer (CEO)

Chief Executive Officer (CEO)

Saleh Al Omari

Head of Human Resources

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Saleh Al Omari

Head of Human Resources

Head of Human Resources

Tim Elliot

Chief Risk Officer

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Tim Elliot

Chief Risk Officer

Chief Risk Officer

Fahad AlHubabi

Head of Information Technology

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Fahad AlHubabi

Head of Information Technology

Head of Information Technology

Mashhour Al Baiz

Head of Compliance

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Mashhour Al Baiz

Head of Compliance

Head of Compliance

Majed Al Rasheed

Head of Internal Audit

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Majed Al Rasheed

Head of Internal Audit

Head of Internal Audit

Saif Al Eifan

Head of Legal and Board Secretary

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Saif Al Eifan

Head of Legal and Board Secretary

Head of Legal and Board Secretary

H.E. Minister of Housing, Majed bin Abdullah Al Hugail

Chairman

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H.E. Minister of Housing, Majed bin Abdullah Al Hugail

Chairman

Minister of housing at Ministry of housing

Dr. Abdulhamid bin Salih Alkhalifa

Deputy Chairman

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Dr. Abdulhamid bin Salih Alkhalifa

Deputy Chairman

Deputy Chairman

Mr. Fahad bin Abduljalil Al-Saif

Member representing Ministry of Finance

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Mr. Fahad bin Abduljalil Al-Saif

Member representing Ministry of Finance

Member representing Ministry of Finance

Dr. Mohammed bin Faraj Alzahrani

SRC Member

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Dr. Mohammed bin Faraj Alzahrani

SRC Member

SRC Member

Mr. Mohammad bin Saad Almuhana

SRC Member

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Mr. Mohammad bin Saad Almuhana

SRC Member

SRC Member

Mr. Joseph Rossi

SRC Member

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Mr. Joseph Rossi

SRC Member

SRC Member

Mr. James Bothwell

SRC Member

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Mr. James Bothwell

SRC Member

SRC Member