The Saudi Real Estate Refinance Company has recorded remarkable growth since its establishment at the end of 2017, with its financing portfolio reaching 6.5 billion riyals in 2020 compared to 2.2 billion riyals in 2019, and in March 2021 the company issued local sukuk backed by government guarantees of 4 billion riyals. Very popular to get it.
This high growth enabled the company to obtain an (A2) rating from Moody’s, one of the most prominent international rating agencies. The agency praised the strength of the company’s assets and capital and the high levels achieved in the secondary market for real estate financing. It also received an (A) rating from Fitch. For the long term, for its important strategic role in providing liquidity for real estate financing, with the aim of increasing the ownership rate to 70% by 2030 in accordance with the goals of the Kingdom’s Vision 2030.
The company explained that this high rating was a result of the company’s continuous work to provide the necessary liquidity in the housing sector, and to increase the confidence of local and international investors in the market. The CEO of the Saudi Real Estate Refinance Company, Fabrice Susini, said: The high credit ratings that the company obtained came as a result of its hard work, the quality of the company’s business model, the robustness of the sector and the strength of the comprehensive system.