S. Arabia signs 5 MoUs to advance urban development

Saudi Arabia signed five memorandums of understanding (MoUs) in the United States to strengthen urban development collaboration.

The Saudi Real Estate Refinance Company (SRC) secured MoUs with BlackRock and King Street to enhance the mortgage refinancing market through local and international capital markets, aiming to diversify funding sources and attract foreign investment.

The Saudi Mortgage Guarantee Services Company, Dhamanat, established partnerships with BlackRock and Apollo to develop investment strategies and funds for real estate financing, focusing on expanding the investor base and supporting sustainable growth.

Additionally, an MoU with K. Hovnanian ME, known for its development of 500,000 housing units in the US, was signed to foster the creation of integrated residential communities in Saudi Arabia.

Attribution: Saudi Press Agency (SPA)

Subediting: M. S. Salama