The Saudi real estate finance market is set to gain momentum following an agreement between a subsidiary of the Public Investment Fund (PIF) and the US investment giant BlackRock.
The Saudi Real Estate Refinance Co. (SRC) signed a memorandum of understanding with BlackRock in New York City, as reported by the Saudi Press Agency (SPA). The signing took place during a visit by Saudi Minister of Municipalities and Housing, Majid Al-Hogail.
This agreement aims to develop the real estate finance market in Saudi Arabia and enhance the participation of businesses in the real estate sector’s capital markets. Al-Hogail is currently in the US to explore opportunities for strengthening Saudi-US partnerships in urban development, construction, building, and real estate finance.
The memorandum was signed by SRC CEO Majid Fahd Al-Abduljabbar and Yazeed Al-Mubarak, the general manager of BlackRock Middle East and CEO of BlackRock Saudi Arabia. BlackRock President Robert Kapito also attended the signing ceremony.