The state-owned Saudi Real Estate Refinance Company (SRC) has injected another SR1 billion ($266 million) to boost the consumer mortgage market, through funding from real estate financer Amlak International, said a report.

This is SRC’s third such transaction and the first refinancing deal for this year. It includes portfolio acquisition and a short-term financing (Murabaha deal), reported the Arab News, citing a top official.

This crucial funding through Amlak International demonstrates SRC's growing role as a catalyst for the Saudi housing market, remarked Fabrice Susini, the chief executive officer.

Amlak  was the first real estate financing company approved by the Saudi Arabia Monetary Authority (SAMA).

Recently, the company announced that it will offer the first real estate financing for Ministry of Housing beneficiaries to acquire ready-made housing units within King Abdullah Economic City (KAEC).

"We will keep enabling lenders to offer more accessible home buying solutions to more Saudi citizens by providing liquidity as well as balance sheet relief," noted Susini.

The deal also signals SRC’s commitment to the Ministry of Housing to offer more accessible housing finance solutions and facilitate market growth, he added.

Amlak CEO Abdullah bin Turki Al Sudairy said: "As the first company granted a licence to engage in real estate financing in Saudi Arabia, we recognise the need to work with the public sector to grow the real estate market."

“This agreement will help us provide sustainable mortgage solutions to ensure that citizens can easily own the right home,” stated Al Sudairy.

Over the past 10 years, Amlak has developed a close working relationship with developers, financing more than 9,000 units in more than 100 projects across the kingdom, he added.