The Saudi Real Estate Refinance Company, a Public Investment Fund company, has signed an agreement to acquire a SR1 billion ($266.6 million) mortgage portfolio from Bidaya Finance. The signing ceremony took place in the presence of Minister of Municipalities and Housing and Chairman of SRC Majid bin Abdullah Al-Hogail and Chairman of Bidaya Finance Abdulaziz bin Saleh Al-Omair.

The agreement, signed by SRC CEO Majeed bin Fahad Al-Abduljabbar and Bidaya Finance CEO Mahmoud Dahdouli, marks a continuation of SRC’s ongoing efforts to bolster the residential real estate finance market in the Kingdom and expand refinancing opportunities. 

This portfolio, the largest among mortgage companies, underscores the commitment of both parties to deliver innovative mortgage solutions to citizens and to contribute to the goals of the Housing Program, a key initiative of Saudi Vision 2030, which aims to increase homeownership among citizens.

Al-Abduljabbar said the agreement is part of an expanded partnership with Bidaya Finance, to inject additional liquidity and boost stability in the Kingdom’s real estate finance market. “The agreement is a significant step toward achieving the strategic objectives of the Housing Program by offering flexible financing solutions to Saudi families,” he added.

“It is a key step in our efforts to forge strategic partnerships with leading financial institutions, aimed at developing an active secondary market for residential real estate financing in the Kingdom.”

Dahdouli, meanwhile, said: “This agreement with SRC represents a strategic milestone in strengthening our role in providing innovative financing solutions that contribute to the development of the securities market through mortgage portfolios.

“It also aligns with our vision to empower a brighter financial future for our clients to achieve their aspirations and meet their needs, aligning with the objectives of the Housing Program under the Kingdom’s Vision 2030 to increase homeownership among citizens.”

The SRC was established by the PIF in 2017 to develop the Kingdom’s real estate finance market. Licensed by the Saudi Central Bank to operate in the field of real estate refinancing, SRC plays a pivotal role in achieving the objectives of the Housing Program under Saudi Vision 2030, which seeks to increase homeownership rates among Saudi citizens. This is accomplished by providing liquidity to financiers, enabling them to offer affordable housing finance to individuals, and working closely with partners to support the Kingdom’s housing ecosystem.

Abeer Medical Group celebrated 25 years in Saudi Arabia with a grand ceremony held at the Ritz-Carlton Jeddah. The celebration brought together guests from various sectors, including officials from the Ministry of Health, insurance providers, bankers, diplomats, suppliers, and leaders from the business community.

The event commenced with a warm welcome from Dr. Jemshith Ahmed, vice president of strategic planning and medical affairs, who expressed gratitude for the support and dedication of everyone involved in Abeer’s journey.

Alungal Mohammed, president of Abeer Medical Group, reflected on the challenges the organization has faced over the years, emphasizing the resilience and commitment of the team. He expressed appreciation for all stakeholders, whose unwavering support has been pivotal in Abeer’s growth.

The Vision 2030 roadmap, designed by Crown Prince Mohammed bin Salman under the guidance of King Salman, has paved the way for Abeer to expand its services to meet the growing healthcare needs of the community. With plans to add around 40 new centers across major and tier 2 cities, Abeer will enhance its capacity to serve a growing patient base.

The president also highlighted the importance of collaboration with government ministries, insurance companies, and community members, in driving Abeer’s mission forward. Looking to the future, Abeer is dedicated to harnessing technology and innovation while continuing its commitment to patient-centered care, he said.

Dr. Ahmed Alungal, executive vice president, shared insights into the group’s current standing in the healthcare sector and outlined an ambitious vision for the future.

Dr. Alungal highlighted the introduction of two new verticals designed to enhance Abeer Medical Group’s service offerings: Lavender Health — a premium clinic that provides a carefully curated selection of specialties tailored specifically for niche groups, and Abeer Express clinics — local neighborhood clinics that deliver accessible and affordable primary healthcare services to the community. He outlined Abeer’s ambitious expansion plans, revealing that the organization would grow its presence from the current six cities to more than 15 across the Kingdom. This expansion is set to significantly increase its reach, making quality healthcare accessible to more than 14 million care seekers, up from the current 4 million.

Among the guests at the event were Mohammed Alhassan, co-founder and co-CEO of Gulf Islamic Investments, and Khaled Almaeena, director of Abeer Medical Group, who praised Abeer’s achievements and contributions to the community.

The evening concluded with Hamza Dagistani, vice president of human capital and shared services, proposing a vote of thanks, recognizing the collaborative efforts and dedication of all who have contributed to the group’s success over the past 25 years.