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Saudi housing’s journey to the international markets

Ever since the launch of Vision 2030, housing has been a key priority for Saudi Arabia. Along with the home building has come a vibrant mortgage market, the formation of a secondary liquidity provider and the building blocks that will lead to a new securitized asset class in global markets.

Riyadh, Saudi Arabia Aerial view of Riyadh downtown
Source: Getty Images/iStockphoto.

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  • Could Saudi Arabian mortgages be the next major securitized asset class in the international debt markets? There is a long way to go, but there is a swell of momentum, driven by the state’s long-term ambitions around house financing. A first international issue from Saudi Real Estate Refinance Company (SRC), the local equivalent of Fannie Mae set up in 2017, should hit the markets later this year and will be closely watched.

    “We aim for an international inaugural issuance before the year end,” says Fabrice Susini, the ex-BNP Paribas banker who leads SRC as chief executive.


    Chris Wright head.jpg
    Asia correspondent Euromoney
    Chris Wright is Euromoney’s Asia correspodent. He covers the Asia Pacific region and is based in Singapore. He has previously been Middle East editor of Euromoney, editor of Asiamoney, investment editor of the Australian Financial Review and a correspondent on emerging markets and sovereign wealth for numerous publications worldwide. He has also written three books.