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The Saudi Real Estate Refinance Co., wholly owned by the Public Investment Fund (PIF), has purchased a portfolio of real estate loans worth over $1.33 billion from Al Rajhi Bank in the largest deal of its kind in the industry.
In a statement, the mortgage finance company stated that the transaction reflects its efforts to assist the development of the residential real estate finance sector.
The deal is described as the largest of its kind in the Kingdom
Al Rajhi Bank, the Kingdom’s second-largest lender, is also the world’s largest Islamic bank in terms of mortgage assets and market capitalization.
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