The Saudi Real Estate Refinance Company (SRC), which is wholly owned by the Public Investment Fund (PIF), has signed a sponsorship deal with the Saudi football club Al Ittihad for the upcoming three years. The sponsorship deal includes commercial and marketing rights, benefitting both parties.
Majeed Fahad. Alabduljabbar, Deputy CEO of SRC, said: “The sponsorship is part of SRC’s support for the development of the Kingdom’s thriving sports sector and the key objectives of Vision 2030’s ‘Quality of Life Program’ to promote sporting activity.
“The sponsorship is part of SRC’s support for the development of the Kingdom’s thriving sports sector”
“SRC’s commitment to this agreement stems from its desire to contribute to the realization of the Kingdom’s Vision 2030’s objectives and to enhance its social responsibility towards the overall sports landscape. Sports and entertainment have become increasingly prominent to the Saudi economy and play a crucial role in the country’s future development, making it an attractive destination across various industries. We take great pride in being part of the Kingdom’s sports sector development.”
“This partnership with SRC will foster the club’s expansion”
Abdulwahab Abed, CEO of Al-Ittihad expressed his delight in signing the agreement following an exceptional sports season, saying: “This partnership with SRC will foster the club’s expansion and provide support for its domestic and international endeavors moving forward”.
SRC was established in 2017 with the aim of helping transform the local housing market. SRC obtained a license from the Saudi Central Bank to operate in real estate refinancing through the secondary market.