Saudi Real Estate Refinance Company, BlackRock to develop Kingdom’s property finance market

The Saudi real estate finance market will be supported by a deal between a Public Investment Fund subsidiary and US investment giant BlackRock.

The Saudi Real Estate Refinance Company signed the memorandum of understanding with BlackRock in New York City on Saturday, the Saudi Press Agency reported.

It came during a visit by Saudi Minister of Municipalities and Housing Majid Al-Hogail.

The deal seeks to develop the real estate finance market in Saudi Arabia and increase the share of businesses in the real estate sector capital markets, the SPA said.

Al-Hogail is in the US to discuss ways to boost Saudi-US partnerships in urban development, construction, building and and real estate finance.

The agreement was signed by SRC CEO Majid Fahd Al-Abduljabbar and Yazeed Al-Mubarak, general manager of BlackRock Middle East and CEO of BlackRock Saudi Arabia.

BlackRock President Robert Kapito also attended the signing ceremony.