RIYADH: The state-owned Saudi Real Estate Refinance Company (SRC) continued its mission of supporting the consumer mortgage market with the injection of SR1 billion ($266 million) funding from Amlak International.
It is SRC’s third SR1 billion transaction and demonstrates its growing role as a catalyst for the Saudi housing market. The agreement announced on Tuesday was SRC’s first refinancing deal of 2018. It includes portfolio acquisition and a short-term financing (Murabaha deal).
Fabrice Susini, SRC’s chief executive officer, said: “We will keep enabling lenders to offer more accessible home buying solutions to more Saudi citizens by providing liquidity as well as balance sheet relief.
“The deal also signals SRC’s commitment to the Ministry of Housing to offer more accessible housing finance solutions and facilitate market growth.”
Real estate financers Amlak’s chief executive officer Abdullah bin Turki Al-Sudairy said: “As the first company granted a license to engage in real estate financing in Saudi Arabia, we recognize the need to work with the public sector to grow the real estate market.
“This agreement will help us provide sustainable mortgage solutions to ensure that citizens can easily own the right home.”
He added the deal showed what can be done through cooperation and an effective relationship between the public and private sectors. The SRC, fully owned by the Public Investment Fund (PIF) — the country’s main sovereign wealth fund — was formed in 2017 to create a secondary home loan market in Saudi Arabia. In line with Vision 2030 objectives, SRC aims to improve the real estate market, increase its contribution to GDP, and raise home ownership to 52 percent by 2020. The Kingdom’s mortgage market is expected to grow from SR280 billion in 2017 to SR500 billion by 2020.
Amlak International was the first real estate financing company approved by the Saudi Arabia Monetary Authority (SAMA). Amlak International recently announced that it will offer the first real estate financing for Ministry of Housing beneficiaries to acquire ready-made housing units within King Abdullah Economic City (KAEC).
Over the past 10 years, Amlak has developed a close working relationship with developers, financing more than 9,000 units in more than 100 projects across the Kingdom.
Saudi Real Estate Refinance Company injects another SR1 billion into Saudi housing finance market
Saudi Real Estate Refinance Company injects another SR1 billion into Saudi housing finance market
Saudi cabinet calls for Arab-Islamic summit, urgent political solutions amid regional crises
RIYADH: The Saudi cabinet discussed the Kingdom’s call for an Arab-Islamic summit to address ongoing Israeli aggression in Palestinian territories and Lebanon, in a session chaired by Crown Prince Mohammed bin Salman on Tuesday.
The cabinet also stressed the urgent need for a political resolution to the crisis in Sudan, urging all parties to honor the commitments outlined in the "Jeddah Declaration" of May 2023. It emphasized the importance of an immediate ceasefire in Sudan, a cessation of hostilities, and the unobstructed delivery of humanitarian aid to those in need.
The cabinet also reviewed the Kingdom’s recent hosting of the inaugural meeting of the Global Alliance to Implement the Two-State Solution, which brought together representatives from 90 countries and international organizations.
Understanding fans key to building sports brands, says football marketing guru
- Manchester United connects with audiences and “converts followers to fans”
- Saudi clubs should find their own unique point of view
RIYADH: Understanding your fan base is a key element of successfully marketing your sports brand, Manchester United’s director of marketing told the audience at the Athar Festival of Creativity in Riyadh.
During his keynote speech, “Cultural Connection, Unbreakable Bonds and the Power of Stories: Lessons Learnt From a Career in Sports Marketing,” Matt McKie talked about his experience working in notable roles for the Olympics, Nike and EA Sports.
Whether you are a football fan or not, there is no denying that Manchester United is one of the most well-known clubs in the world. But how did it gain its reputation?
Like many popular teams, it is about connecting with your audience and Manchester United has a unique way of “converting followers to fans,” McKie told Arab News.
“I would say the absolute key to finding an audience and growing is really understanding your fans and, in the UK and in Europe, football clubs are bigger than just sports assets, than community assets, they mean more,” he said. “There will be generations of families that have gone to watch the team and support them, so honoring that and respecting that is absolutely key.”
An important marketing tactic for McKie involves researching the upbringing and backgrounds of athletes before their rise to stardom. This is a way to humanize them and create campaigns with a personal touch.
“I think humanizing athletes is an important marketing tactic (and) I think it’s an important human tactic,” he said. “These are individuals in the public eye, there are millions and millions of people watching them, expecting things from them. They have the same problems we have ... so it’s incredibly important that we understand that.”
McKie highlights unique brand identities for emerging football clubs, such as FC Como and Venezia, in Italy, and Forest Green Rovers in England. Venezia is known for its love of fashion while the latter has claimed the title of becoming the first fully vegan football club.
“It’s really about building a profile and understanding who the audience is and then you can serve them the things that will drive them down towards being a fan, and a committed fan, that comes to games etc.
“It’s very important in women’s sports because of the very high proportion of fandom that exists there. It’s important as marketers that we actually bring them closer, we understand them, we give them content that’s going to engage them and not just bring the ideas of men’s football across and expect it to work.”
For Saudi teams, McKie’s advice is to “have a point of view.”
“Within Saudi, a lot of these teams are new or relatively new in the grand scheme of football. So there’s an opportunity to have a point of view and stand for something … to form a team that plays a certain way and isn’t bound by baggage that can come from being a really big heritage brand.”
KSA showcases urban initiatives at Cairo forum
- The pavilion highlights Saudi Arabia’s initiatives in urban development and sustainable city planning
RIYADH: Egypt’s Prime Minister Mostafa Madbouly and Prince Faisal bin Abdulaziz bin Ayyaf, head of the Kingdom’s delegation, visited Saudi Arabia’s pavilion at the 12th World Urban Forum in Cairo, which began on Monday and ends on Nov. 8.
The pavilion, organized by the Ministry of Municipalities and Housing, features spaces for meetings, workshops and dialogue sessions. It includes over 40 interactive activities and hosts 150 representatives from various Saudi entities.
The pavilion highlights Saudi Arabia’s initiatives in urban development and sustainable city planning, showcasing innovative projects and successful experiences, the Saudi Press Agency reported on Tuesday.
It also showcases the Kingdom’s achievements under Vision 2030, including sustainable transport networks, infrastructure improvements, and enhanced municipal services in cities.
On the sidelines of the forum, Prince Faisal met with several delegation heads to discuss enhancing cooperation and exchanging expertise.
He discussed potential collaboration between Riyadh and Istanbul with Ekrem Imamoglu, the mayor of Istanbul, focusing on the exchange of skills.
He also met with Anar Guliyev, a member of the cabinet and chairman of the State Committee for Urban Planning and Architecture in Azerbaijan, to discuss cooperation.
Athar Festival begins in Riyadh
- Almost 2,000 people registered for second edition, says organizer
- Veteran Gulf publisher aims to gather region’s creative community
RIYADH: The second Athar Saudi Festival of Creativity kicked off on Tuesday with a full house in Crowne Plaza Riyadh RDC.
Hosted by UAE-based Motivate Media Group and communications consultancy TRACCS, the festival will feature 100 regional and international speakers and is expected to bring together almost 2,000 professionals and leaders from the creative marketing industry.
Ian Fairservice, managing partner and group editor-in-chief of Motivate Media Group, will chair the event, with Mohammed Al-Ayed, CEO of TRACCS, as vice chairman.
In an interview with Arab News, Fairservice said: “Athar has a role in bringing together the creative community, and the marketing community.
“The whole ethos of Athar is to create a community, albeit just for a couple of days, where everybody can come together and communicate and share ideas and develop new ones.”
He highlighted the increase of attendees this year, compared to last year’s event.
“All of our numbers have pretty much doubled on last year. We have almost 2,000 attendees registered and, as you can see around us here, it’s absolutely buzzing. The main stage area is completely full. There are probably 100 people standing at the back watching our first keynote speaker today,” he said.
“In terms of other numbers, we have 400 entries for the awards for tomorrow night, of which there are 211 shortlisted.”
Fairservice’s knowledge of the region comes from living in Dubai for 47 years. He formed Motivate Media Group back in 1979 and launched one of the country’s first English-language magazines, “What’s On,” which had a primary readership of tourists and expatriates.
The inspiration behind it was simple — there was no media. It was, he recalls, an era “with no television, no radio, no newspapers, no magazines.”
Today, Motivate Media Group publishes numerous magazines such as “Emirates Woman,” “Gulf Business” and “Business Traveler Middle East.”
“We’ve grown the company organically and have gone into every different aspect of media across the board,” said Fairservice. “It’s been a privilege and a fantastic opportunity to have been able to do this from the ground floor.”
Athar Festival will continue on Wednesday with panel discussions, presentations and fireside chats focused on growing the creative landscape in Saudi Arabia, the Middle East and beyond, covering various sectors such as sports, entertainment, and tourism.
The event will conclude with the Athar Awards ceremony on the evening of Nov. 6.
KSrelief expands humanitarian aid to crisis zones
- The 19th plane sent from Riyadh to Lebanon arrived at Beirut-Rafic Hariri International Airport on Tuesday
RIYADH: Saudi aid agency KSrelief is intensifying efforts to deliver aid to Lebanon and recently supported those in need of medical assistance in Turkiye.
The 19th plane sent from Riyadh to Lebanon arrived at Beirut-Rafic Hariri International Airport on Tuesday, carrying food, shelter and medical supplies, the Saudi Press Agency reported.
The aid will be used to assist the growing number of people displaced by Israeli airstrikes. Countries such as the UAE, Turkiye, Iraq, Egypt, Jordan, Canada, Romania and France are also sending aid to Lebanon.
In Turkiye, KSrelief recently concluded a week-long voluntary medical program for specialized surgeries in Tarsus. A team of 32 volunteers performed 31 open-heart operations, five therapeutic catheterizations, and 18 diagnostic catheterizations.
The Saudi aid agency also completed a medical project in Reyhanli for victims of the earthquake in February last year. During this campaign, the medical team treated 537 patients in family medicine, 417 in dermatology, 380 in optometry, and 219 in endocrinology.
In February 2023, KSrelief launched a campaign through the Sahem platform to aid earthquake victims in Syria and Turkiye, raising more than SR524 million ($139.5 million) from more than 3.4 million donations.