The Saudi Real Estate Refinance Company (SRC), a mortgage financier backed by the kingdom’s Public Investment Fund, signed an initial agreement with the US-based BlackRock to develop the country’s property finance market and achieve the goals of the Vision 2030 programme.
As part of the deal signed in New York City, the two companies will focus on boosting the development of programmes in the real estate refinance in the kingdom and expand through local and international capital market channels, the Saudi Press Agency reported on Saturday.
They will also seek to diversify funding sources through the fixed income market to increase “the stability of the real estate finance market” in the kingdom.
“We look forward to partnering with the Saudi Real Estate Refinance Company to advance mortgage securitisation and other capital markets solutions,” a BlackRock representative told The National.
“SRC and BlackRock share the objective of enabling and unlocking institutional capital in this growing, high quality fixed income asset class.”
The new deal comes after BlackRock announced a partnership with PIF in April to open a multi-class investment firm in Riyadh, anchored by an initial investment mandate of up to $5 billion from the Saudi wealth fund, to drive further growth of the kingdom's capital markets and attract more investment.
“Saudi Arabia has become an increasingly attractive destination for international investment as Vision 2030 comes to life, and we are pleased to offer investors from around the world the opportunity to take part in this exciting, long-term opportunity,” Larry Fink, chairman and chief executive of BlackRock, said at the time.
Saudi Arabia continues to develop several sectors in the kingdom as part of the Vision 2030 initiative to diversify its economy away from oil.
As part of the strategy, the kingdom is building new real estate projects including the futuristic mega-city Neom with an investment worth $500 billion.
Saudi Arabia has also set a target of raising home ownership rates in the kingdom to 70 per cent by 2030 under the Sakani programme – a joint initiative between the Ministry of Housing and the Real Estate Development Fund.
The fund distributes land plots and arranges home loans for citizens seeking to build homes.
In the first half of this year, 55,000 Saudi families have benefited from the programme, including 44,000 who moved into their first homes, SPA reported this month.
Last week, SRC also signed another agreement with New York-based King Street Capital Management to boost co-operation between the two in the real estate finance sector.
The agreement aims to diversify liquidity sources to support the “secondary real estate finance market's stability, foster economic growth, and attract more foreign investments to the Saudi market,” SRC said.
SRC was established in 2017 with the purpose of developing the housing finance market in the kingdom. It offers funding to lenders including banks and finance companies to help them provide home loans for homebuyers. It has also has a licence from the Saudi Central Bank to operate in the field of real estate refinancing.
The PIF is the central plank of the kingdom’s Vision 2030 programme, which aims to cut its dependence on oil. The PIF, along with its related organisations, is driving investment into key areas including finance, health care, sport, renewables, technology, the automotive industry, property, aerospace, defence, entertainment, leisure, retail and mining.
Last week, the PIF said its assets under management jumped 29 per cent to 2.87 trillion Saudi riyals ($765 billion) in 2023 as it continues to build its Saudi holdings and diversify its international portfolio of assets.
Killing of Qassem Suleimani
SHAITTAN
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
KILLING OF QASSEM SULEIMANI
Killing of Qassem Suleimani
Killing of Qassem Suleimani
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- 27 Nov 2020: PM gives speech at leaving do for his staff
- Dec 10 2020: Staff party held by then-education secretary Gavin Williamson
- Dec 13 2020: Mr Johnson and his then-fiancee Carrie Symonds throw a flat party
- Dec 14 2020: Shaun Bailey holds staff party at Conservative Party headquarters
- Dec 15 2020: PM takes part in a staff quiz
- Dec 18 2020: Downing Street Christmas party
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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KILLING OF QASSEM SULEIMANI
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On sale: Now
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How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
Killing of Qassem Suleimani
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KILLING OF QASSEM SULEIMANI
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Killing of Qassem Suleimani
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