Saudi Real Estate Refinance Company Appoints Majeed Al Abduljabbar as Chief Executive

The Saudi Real Estate Refinance Company has appointed Majeed Al Abduljabbar as its new chief executive officer with effect from 1 January 2024, following clearance from the Saudi Central Bank. Al Abduljabbar succeeds Fabrice Susini. The appointment was confirmed by the company in a statement.

The Saudi Real Estate Refinance Company is wholly owned by the Public Investment Fund, Saudi Arabia's sovereign wealth vehicle, which was assigned responsibility for establishing the company. The SRC operates by purchasing mortgages originated by commercial banks and other licensed lenders, providing those institutions with long-term funding and freeing up their balance sheets to extend additional housing credit.

Saudi Arabia's Vision 2030 programme set a target of raising home ownership rates among Saudi nationals.

Al Abduljabbar brings 26 years of experience across the public and private financial sector, including serving as Director of Risks at the Capital Markets Authority, working on Saudi Aramco's initial public offering, and more than 15 years in banking at institutions including HSBC in London, Samba and Arab National Bank.