BlackRock studies how to develop Saudi mortgage market

Bartholomew Nash, Director of Corporate Communications at BlackRock, said the asset management firm is studying mechanisms to develop the mortgage-backed securities market in Saudi Arabia, Al Eqtisadiyah newspaper reported.

He added that the company is currently working on this mechanism to develop the Saudi market under the terms of the agreement signed with Saudi Real Estate Co. (SRC) on Aug. 24.

In August, SRC signed an agreement with BlackRock to develop the mortgage sector in the Kingdom and boost international and local investor base, as well as achieve stability in the housing market and diversify financing options, according to data available with Argaam.