RIYADH: The Saudi Real Estate Refinance Co., wholly owned by the Public Investment Fund, on Sunday signed an agreement with Al Rajhi Bank to refinance more than worth SR5 billion ($1.33 billion) real estate financing portfolio. The deal is the largest of its kind in the Saudi banking industry, according to a statement issued by SRC. The agreement was signed in the presence of the Saudi Minister of Municipal and Rural Affairs and Housing, Majid Al-Hogail. SRC CEO Fabrice Susini described the deal as a milestone in the company’s “strategic approach to support the housing market in the Kingdom by providing flexible mortgage solutions to citizens.” The agreement comes within SRC"s strategic partnerships with financing agencies, including banks and real estate finance companies, with the aim of establishing an active and strong secondary market for residential real estate financing, and providing the local market with the necessary liquidity. Waleed Abdullah Almoqbel, CEO of Al Rajhi Bank, said: “The deal with SRC strategically enhances our mortgage solutions and supports our established capabilities to address the needs of a broad customer base and the increasing demand for home ownership in the Kingdom.”