About SRC

About SRC

The Saudi Real Estate Refinance Company (SRC) was established in 2017 and is fully owned by the Public Investment fund (PIF), after obtaining a license to operate in the secondary real estate market by the Saudi Central Bank, with the goal of transforming the local housing market.

SRC is a key market player that ensures stability of the real estate finance market by providing liquidity and facilitating access to sustainable financing solutions for homebuyers in the Kingdom. SRC enables individuals and entities interested in direct or indirect real estate financing to increase and diversify origination of long-term fixed-rate (LTFR) products. As one of its primary roles, SRC provides banks and real estate finance companies with liquidity or capital relief, enabling growth in the home financing sector to increase home ownership rates among Saudi citizens. SRC will subsequently aggregate and packages home financing portfolios into mortgage-backed securities to be sold to domestic and international investors. With a world class management team drawing from international best practice, SRC is uniquely positioned to become the partner of choice for banks and non-bank lenders in the Kingdom.

SRC is rated ‘A’ (stable) by Fitch Ratings and ‘A2’ (stable) by Moody’s Investors Service.

SRC Achievements

2017
  • SRC obtained SAMA’s license
  • SRC obtained Portfolio Purchase product
  • SRC obtained STF (structured trade finance) product
2018
  • SRC 1st refinance transaction by purchasing a portfolio from one of the biggest companies in finance companies
  • SRC launched first program established SAR 11 billion Sukuk program
  • SRC succussed in first issued 5,7 and 10 year Sukuk
2019
  • SRC succussed in second issued 5-year Sukuk
  • SRC surpassed SAR 2 billion refinancing assets
  • Organizing a panel discussion in the presence of a group of scholars and specialists and documenting it in a valuable scientific publication entitled “Shari’a Solutions for Selling Mortgage Finance Portfolios in Murabaha and Securitizing” Completing the first operations of refinancing and purchasing real estate finance portfolios with two of the largest Saudi banks
2020
  • Completing real estate refinancing deals with many Saudi finance companies and banks
  • Completion of the first real estate refinancing deal with the Masaken program
  • The value of refinancing deals exceeded 6.5 billion Saudi riyals, with a growth rate of 210%
2021
  • SRC launched first program SAR 10 billion Sukuk program guaranteed by the government
  • The success of three issuances of the local government-guaranteed sukuk program with high coverage rates, with a total value of 6 billion Saudi riyals, and maturities of 7 and 10 years.
  • The value of refinancing deals exceeded 12 billion Saudi riyals, with a growth rate of 85%
  • Expand further in refinancing with Saudi banks and banks The company obtained a high investment rating from Fitch “A2” and Moody’s “A”
  • Signing the largest refinancing agreement in the government sector with the Real Estate Development Fund, with a value of 10 billion Saudi riyals
  • Launching the Long-Term Deposit (LTSD) product, which will support the necessary liquidity for the expansion of real estate financing
2022
  • SRC signed the largest deal in the banking sector with SNB worth SAR 1 billion
  • SRC completed local SAR 10 billion Sukuk program in 12 months
2023

Agreements to purchase real estate financing portfolios were signed with local banks, with the total value of the agreements with Al Rajhi Bank reaching 10.8 billion Saudi riyals.

 SRC succeeded in completing the guaranteed local sukuk program amounting to SAR 20 bio.

* SRC won valuable awards, the most notable of which were: “Best Real Estate Refinancing Deal of the Year” Award, “Best Sukuk Issuer” Award, and it deservedly won a distinguished award from “Global Business Outlook”.

SRC received high credit ratings from the international agencies “Fitch”, “Moody's” and (S&P), with the future outlook raised to "stable" and "positive".


2024

SRC received an upgrade in its credit rating from Moody’s, moving from A2 to A1 — with stable outlook.

SRC entered into partnerships and signed agreements with local banks to start the OTD model.

SRC has signed strategic partnerships with BlackRock and King Street to contribute to the development of the real estate refinance market, expanding through local and international capital markets channels.


SRC Strategic Goals
  • Accelerate growth to foster effectiveness and scale of contribution to KSA housing market 

  • Expand developmental agenda to support KSA homeownership in sustainable manner 

  • Diversify funding sources and lead innovation in KSA capital market

Mission

Ease access to funding, increase homeownership and provide investment opportunities for mortgage market by linking Saudi capital market to global markets 

Vision

Empower the mortgage market ecosystem in Saudi Arabia 

Board of Directors

SRC
H.E. Mr. Majed Al-Hogail

Chairman

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H.E. Mr. Majed Al-Hogail

Chairman

Mr. Majed Al -Hogail is the Minister at Ministry of Municipality, Rural Affairs and Housing. He holds the Chairman position at Saudi Real Estate Refinance Company (SRC), Real Estate General Authority, Real Estate Development Fund (REDF), he was previously Chairman at AlJazira Capital. He is currently the Board member at Qiddiya Investment Company, and NEOM. He previously held the position of a Board Member at flynas and Credit Suisse.

His earlier work experience includes Managing Director at RAFAL Real Estate Development Co. and VP of Finance at Danone.

He holds an MBA from University of Illinois at Urbana- Champaign.

SRC
H.E. Dr. Ahmad Alkholifey

Vice Chairman

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H.E. Dr. Ahmad Alkholifey

Vice Chairman

Dr. Ahmed Al-Kholifey is an advisor at the Saudi Royal Court.

He previously was the Governor of Saudi Central Bank.

He holds the Chairman position at General Authority for Competition, advisory Board member at Capital Market Authority, Board member at OPEC Fund for International Development, and Saudi Credit & Savings Bank.


SRC
Mr. Hamoud AlRumayyan

Board Member

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Mr. Hamoud AlRumayyan

Board Member

 Mr. Hamoud is a Senior Advisor to the Group Chief Executive Officer at STC.

 He held multiple positions including; advisor to the Minister of Finance Director, CEO at Gulf Investment Company, and CEO at Intigral.


SRC
Dr. Mohammed Alkinani

Board Member

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Dr. Mohammed Alkinani

Board Member

Dr.Mohammed Alkinani is the General supervisor of Investment at KFUPM Endowment and sits on boards and Risk, Audit, and Investment board committees of several listed and unlisted companies. He provides consultancy and training to several private, non-profit, and governmental organizations on financial and strategic issues. He was the Dean of KFUPM Business School where he taught finance courses for Undergraduate, MBA and EMBA programs. He was awarded a Ph.D. degree in Finance from Oklahoma State University and a Master's degree in Finance from University of Colorado at Denver. He is a Chartered Financial Analyst (CFA) ®. He was the Chairman of the advisory board of AACSB international for Europe, Africa and the Middle East

SRC
Mr. Sultan Abdulmalik Al-Sheikh

Board Member

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Mr. Sultan Abdulmalik Al-Sheikh

Board Member

Mr. Sultan Abdulmalik Al-Sheikh is a Senior Director at the MENA Investments Division at the Public Investment Fund of Saudi Arabia (PIF). Mr. Al-Sheikh joined PIF in 2015. He is presently the Board and Committee member of Almarai Company, Gulf International Bank B.S.C. & Gulf International Bank - Saudi Arabia, Tahakom Investment Company, and Saudi Company for Exchanging Digital Information (Tabadul). He was also a Board and Committee member at The Helicopter Company (ended 31 Jan. 2021) and Saudi Fisheries Company (ended 24 Oct. 2020). Prior to joining PIF, Mr. Al-Sheikh held key positions in reputable financial institutions. He served as an Associate and Vice President of Investment Banking at Saudi Fransi Capital. Mr. Al-Sheikh also worked as an Officer in the Securities Listing Department at the Saudi Capital Market Authority (CMA)and as a Relationship Manager at the National Commercial Bank (NCB) of Saudi Arabia. Mr. Al-Sheikh has extensive experience in finance, with a focus on advising a range of different ECM transactions including IPOs, rights issues and M&A. In addition to possessing 17 years of professional experience in financial institutions, Mr. Al-Sheikh holds a Master of Science in Finance from The George Washington University, USA and a Bachelor of Science in Finance from King Fahad University of Petroleum & Minerals, Saudi Arabia.

SRC
Mr. Faisal Alsharif

Board Member

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Mr. Faisal Alsharif

Board Member

Mr. Faisal Alsharif is a Board Member & Secretary of The Board, H.E. Minister of Finance Advisory Board and is also a Board Member and Member of the Audit Committee at the Tunisian Saudi Bank in Tunisia. He is also the Director General of the Financial Sector Development Program.

He previously held senior positions at Deutsche Bank AG, and Saudi British Bank. Mr. Alsharif holds a Bachelor of Science in Financial Management from Long Beach State University, California.

SRC
Mr. Rajiv Shukla

Board Member

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Mr. Rajiv Shukla

Board Member

Mr. Rajiv Shukla is a Senior Partner in Marco Partners, a boutique strategic advisory firm based in Saudi Arabia.

Prior to Marco, Mr. Shukla worked at HSBC where he held several senior positions, including as CEO of HSBC Saudi Arabia, Senior Managing Director and Advisor to the Regional CEO, Head of Debt Capital Markets for the MENA region, among others. Mr. Shukla also worked in Citibank and in the Tata group.

Mr. Shukla currently serves as an independent director on the board of the Securities Depositary Company (EDAA), as a non-executive advisor to, and independent director on the board of CMi Merryck Middle East, and is a member of the Executive Committee of the Saudi Indian Business Network.

Mr. Shukla holds an undergraduate Engineering degree from the Indian Institute of Technology, and a post-graduate MBA from the Asian Institute of Management.


SRC
Mr. Rene Keller

Board Member

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Mr. Rene Keller

Board Member

 Mr. Rene Keller is the founder and CEO of xplorizon consulting.

He is an external advisor at Bain & Company, and he is also a Board member at Swiss Financial Market Supervisory Authority FINMA.

He has 26 years experience in global technology and innovation delivery in Retail/Private Banking/Wealth Management, Investment Banking and Stock Exchange industry in universal banks and FinTech.


Executive Management

SRC
Mr. Majeed Fahad Alabduljabbar

Chief Executive Officer

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Mr. Majeed Fahad Alabduljabbar

Chief Executive Officer

  • Assumed the role of Chief Executive Officer, effective January 1, 2024
  • Prior to his current post, Majeed was General Director of the Capital Market Authority’s (CMA) Risk function. The risk function was established by Majeed in 2017
  • He has over 23 years’ experience. He has worked for some of the major banks in the Kingdom including SABB, SAMBA and ANB
  • He holds a Bachelor of Science with a double option in Finance and Marketing from California State University East Bay. Recently, he received the Certificate in Global Management (CGM) certificate from INSEAD

SRC
Mr. Abdulrahman Althukair

Chief of Staff

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Mr. Abdulrahman Althukair

Chief of Staff

Over 20 years of leadership experience in multinational companies, corporate banking, retail banking, debt restructuring, syndicate loans, real estate finance, housing finance, business development, project management, and corporate communications

Led Real Estate Financing initiatives in the Ministry of Housing's Vision 2030 between 2015-2019 and held significant roles as Senior Corporate Banker at Al Rajhi Bank and Bank Albilad

Holds a Master of Science in Finance from King Saud University, a Bachelor of Science in Systems Engineering from King Fahad University of Petroleum and Minerals and is an IMD Business School programs Alumni


SRC
Mr. Thamer Zaid Alammar

Chief Financial Officer

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Mr. Thamer Zaid Alammar

Chief Financial Officer

Over 20 year of experience in banking and non-banking industry. Prior to his current position, Thamer was CFO of Intigral Middle East (a subsidiary of STC). Previously he worked for some of the major banks in the KSA such as SAMBA and GIB
Experienced in the field of financial control, planning, treasury and portfolio management, market analysis, foreign exchange, interest rate, derivatives and structured products
Holds a Bachelor of Science in Business Administration from the University of Arizona, Tucson

SRC
Ms. Nawal Alshammari

Chief Risk Officer

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Ms. Nawal Alshammari

Chief Risk Officer

Over 20 year of experience in banking and non-banking industry. Prior to her current position, Nawal was the Head of Risk Strategy at SAB.

From 2019 to 2022 she worked as CRO at SABB Takaful.

Holds a Bachelor of Science in Computer Science and Information System from George Washington University

SRC
Mr. Suliman Aladmah

Chief Shared Services Officer

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Mr. Suliman Aladmah

Chief Shared Services Officer

  • More than 20 years of supervisory experience in Human Resources management and Human Capital Transformation at world-renowned multinational financial organizations
  • Prior to his current post, Suliman excelled as General Supervisor of HR and Senior Advisor of Human Capital at the Human Resources Development Fund (HRDF)
  • He has also held several senior HR positions in the Saudi banking industry, including stints at GIB Capital, Alrajhi Bank, HSBC Saudi Arabia and Saudi British Bank (SABB)
  • In his early career, Suliman spent ten years advancing through various HR positions at King Faisal Specialist Hospital & Research Center
  • Suliman holds a Bachelor of Admin Science from King Saud University in Riyadh.

SRC
Mr. Suliman Alrumaih

Chief Technology Officer

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Mr. Suliman Alrumaih

Chief Technology Officer

Throughout his career, he has held various key positions in the field of Technology.

From 2012, he held the position of Assistant Manager of IT and information security at The Saudi Investment Bank (SAIB) . In 2018 he joined AXA Insurance Company as a Cybersecurity Manager and in 2020 he joined SRC as Head of Cybersecurity.


SRC
Ms. Maha Alnowaisser

Chief Legal and Governance Officer, and General Secretary

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Ms. Maha Alnowaisser

Chief Legal and Governance Officer, and General Secretary

Qualified Solicitor in England and Wales, and a Governance expert.

Prior to her current position, Maha was Corporate Affairs Senior Director at Nova Water; heading Legal and GRC Departments. Previously she worked for international law firms in Dubai and London.

Holds two master degrees; LLM Islamic Law (SOAS – London) - LLM in Professional Legal Practice (BPP – London). She also holds a number of highly regarded professional certificates within Law and Governance locally and internationally.

SRC
Mr. Mashhour Albaiz

Chief Compliance and AML/CTF Officer

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Mr. Mashhour Albaiz

Chief Compliance and AML/CTF Officer

From 2011 to 2017, Mashhour worked as a Compliance Manager at Arab National Bank.
From 2005 to 2011, Mashhour held the position of Compliance Officer at American Express. In these roles, he focused on ensuring regulatory compliance and implementing compliance policies and procedures within the respective organizations

SRC
Mr. Muath Althukair

Chief Capital Markets Officer

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Mr. Muath Althukair

Chief Capital Markets Officer

From 2018 to 2025, Muath worked as a VP, Debt Capital Markets at HSBC, Riyadh KSA.

From 2016 to 2017 he worked as Financial Adviser at The Family Office, and from 2013 to 2016 he worked as a Fixed Income Trader at Riyad Bank.

Holds an MBA – Double emphasis in Finance and Management, and a Bachelor of Business Administration in Accounting from King Saud University.


SRC
Mr. Ahmad Alghamdi

Chief Business Management Officer

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Mr. Ahmad Alghamdi

Chief Business Management Officer

Over 13 years of experience in real estate finance and the financial sector.

His contributions were essential in the formation of the Housing Program Strategy, where he led key initiatives such as subsidy and guarantee programs designed to enhance housing affordability and financial accessibility.

Holds a Bachelor of Science in Finance from King Fahd University of Petroleum and Minerals.


SRC
Mr. Ahmed Alhaddad

Chief Internal Audit Officer

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Mr. Ahmed Alhaddad

Chief Internal Audit Officer

Over 15 years of experience in both internal and external audits spanning diverse industries including public sector, higher education, and aviation. He has held pivotal roles at globally renowned firms such as Deloitte and EY.

His expertise encompasses financial auditing, risk management, regulatory compliance, and process optimization.
Holds a Master of Science in Project Management from Southern New Hampshire University, and a Bachelor of Science in Accounting from King Fahd University of Petroleum and Minerals.