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Saudi Wealth Fund Widens Economic Role With Mortgage Company

  • Saudi fund sees $20 Billion mortgage refinancing in 5 years
  • Demand for real estate financing to more than double by 2026
Updated on

Saudi Arabia’s sovereign wealth fund is setting up a mortgage refinancing company as it deepens the role it plays in the Arab world’s biggest economy.

Saudi Real Estate Refinance aims to refinance 75 billion riyals ($20 billion) in mortgages in five years and more than double that by 2026, the Public Investment Fund said in an emailed statement. The company plans to acquire mortgage portfolios, issue mortgage-backed securities and offer direct and indirect refinancing as it seeks to boost home ownership, it said.