Middle East News 247

Saudi Arabia’s Fannie Mae buys up US$800m of mortgages

Saudi Arabia’s mortgage-refinancing firm has bought a portfolio of home loans worth more than 3 billion riyals ($800 million) from the Public Pension Agency, as the kingdom’s equivalent of Fannie Mae and Freddie Mac in the US steps up activity.

The Saudi Real Estate Refinance Co., established in late 2017 by the kingdom’s sovereign wealth fund, aims to deploy around 20 billion riyals before the end of the year, mostly by buying up mortgage portfolios from other lenders, it said in a statement.

The latest deal is the largest so far for the company, which had assets of about…

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