$800 million deal to boost Saudi home ownership

DUBAI: A multimillion-dollar mortgage financing deal signed on Sunday is expected to fuel the drive toward increased Saudi homeownership, a core pillar of the Vision 2030 strategy.

The Saudi Real Estate Refinance Co. (SRC), an arm of the Public Investment Fund, will acquire mortgages worth SR3 billion ($800 million) from the Public Pension Agency (PPA), one of the main providers of pensions to government and military personnel.