$800 million deal to boost Saudi home ownership

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Mon, 2020-07-20 02:26

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.

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