The Saudi Real Estate Refinance Company (SRC), a mortgage financier backed by the kingdom’s Public Investment Fund, has reached a refinancing deal worth 1 billion Saudi riyals ($266.6 million) with Saudi National Bank as it seeks to boost the home finance market in the Arab world’s biggest economy.
This is considered to be the largest bank refinancing deal in the kingdom to date, the SRC said in a statement on Sunday.
The agreement aims to refinance the lender’s real estate portfolio to provide long-term liquidity to the kingdom’s home finance market, SRC said.
SRC continues to “expand its partnerships with originators to boost the rate of Saudi home ownership to 70 per cent by 2030”, Fabrice Susini, chief executive of SRC, said.
Saudi Arabia has set an ambitious target of raising home ownership rates in the kingdom to 70 per cent by 2030 under the Sakani programme — a joint initiative between the Ministry of Housing and the Real Estate Development Fund.
The fund distributes land plots and arranges home loans for Saudi citizens seeking to build homes.
The liquidity generated through the partnership with SRC will enable SNB to provide housing finance solutions that fulfil the needs and requirements of families in Saudi Arabia, Majed Al Ghamdi, the bank’s chief executive of retail, said.
The home financing sector in Saudi Arabia has witnessed significant growth in recent years, with 300,000 mortgage deals worth 140bn Saudi riyals recorded in 2020.
More than 260,000 contracts worth more than 150bn riyals were registered last year, the SRC said.
The company was cofounded by the kingdom’s PIF and the Ministry of Housing in October 2017 to boost home ownership in Saudi Arabia.
SRC continues to expand its partnerships with originators to boost the rate of Saudi homeownership to 70 per cent by 2030
Fabrice Susini,
chief executive of SRC
It does not lend directly to end users, but provides liquidity to the home loans market by buying mortgages from banks and other lenders, freeing them up to extend more loans to the sector.
The SRC raised 4bn riyals through the issuance of a dual tenor sukuk or Islamic bonds in March last year.
The issuances, a private offering to Saudi-based institutional investors, attracted an order book in excess of 8bn riyals, the company said at the time.
The deal was part of SRC’s 10bn riyals sukuk programme under which it issued sovereign-guaranteed sukuk, targeting local investors.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
UAE currency: the story behind the money in your pockets
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
RESULT
Bayer Leverkusen 2 Bayern Munich 4
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Bayern: Coman (27'), Goretzka (42'), Gnabry (45'), Lewandowski (66')
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MATCH INFO
Karnatake Tuskers 114-1 (10 ovs)
Charles 57, Amla 47
Bangla Tigers 117-5 (8.5 ovs)
Fletcher 40, Moores 28 no, Lamichhane 2-9
Bangla Tiger win by five wickets
SPECS
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The%20specs
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MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
THE%20SPECS
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Distance covered: 160km
Temperature: -40°C
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Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
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Users can also invite other contacts to download ToTok to allow them to make contact through the app.
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GAC GS8 Specs
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Story%20behind%20the%20UAE%20flag
%3Cp%3EThe%20UAE%20flag%20was%20first%20unveiled%20on%20December%202%2C%201971%2C%20the%20day%20the%20UAE%20was%20formed.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIt%20was%20designed%20by%20Abdullah%20Mohammed%20Al%20Maainah%2C%2019%2C%20an%20Emirati%20from%20Abu%20Dhabi.%C2%A0%3C%2Fp%3E%0A%3Cp%3EMr%20Al%20Maainah%20said%20in%20an%20interview%20with%20%3Cem%3EThe%20National%3C%2Fem%3E%20in%202011%20he%20chose%20the%20colours%20for%20local%20reasons.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20black%20represents%20the%20oil%20riches%20that%20transformed%20the%20UAE%2C%20green%20stands%20for%20fertility%20and%20the%20red%20and%20white%20colours%20were%20drawn%20from%20those%20found%20in%20existing%20emirate%20flags.%3C%2Fp%3E%0A
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
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