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Thursday, Sep 23, 2021

Saudi Real Estate Refinance Company Conducts Third Masakin Refi Deal with GOSI

Saudi Real Estate Refinance Company Conducts Third Masakin Refi Deal with GOSI

The Saudi Real Estate Refinance Company (SRC) was created by the Public Investment Fund (PIF).
Saudi Real Estate Refinance Company agreed to a refinancing deal with the General Organization for Social Insurance (GOSI) of Saudi Arabia that is worth around 2 billion Saudi riyals. Under the terms of the deal, Saudi Real Estate Refinance Company will refinance the GOSI-backed portfolio of housing called Masakin, it said in a statement. This is the third transaction of its kind between SRC and GOSI, tabulating the total value of deals reaching to 5 billion Saudi riyals.

GOSI launched the Masakin program in 2007 to facilitate mortgages for Saudi families.

In July 2020, SRC inked a deal with Saudi Arabia Public Pension Agency to acquire a mortgage portfolio worth more than 3 billion Saudi riyals.
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