Saudi Real Estate Refinance Company (SRC), a wholly owned unit of the kingdom's wealth fund PIF, has appointed Majeed Al Abduljabbar as its new CEO.
SRC was established in 2017 with the aim of helping transform the local housing market. It obtained a licence from the Saudi Central Bank to operate in real estate refinancing through the secondary market. It is headed by Minister of Municipal and Rural Affairs and Housing Majed bin Abdullah Al Hogail.
Announcing the appointment, SRC said Al Abduljabbar will take over the new role effective January 1, 2024 from Fabrice Susini after obtaining clearance from Saudi Central Bank.
The company’s board of directors thanked Susini for his extensive efforts over the years in strengthening the company’s position in the real estate finance sector in the kingdom.
During his tenure, he also supported the development of a management team that possesses the best international practices in this field, and contributed to the company’s achievements during his tenure.
On Abduljabbar, the board members said he is one of the sought after executives in the kingdom, thanks to his extensive professional career of 26 years within the public and private sector of the financial and banking industry,.
Al Abduljabbar had held various positions during his career; notably as the Director of Risks at the Capital Markets Authority (CMA), and as a senior advisor to the Chairman of the Board for the Capital Market Authority, during which he worked on a number of initiatives within the Authority’s plan and strategy in line with the objectives of the Kingdom’s Vision 2030.
He was also part of the team that supervised Aramco’s public offering in the Saudi market. He also represented the kingdom in several committees at the International Organization of Securities Commissions (IOSCO).
Abduljabbar professional journey included working in the banking sector for more than 15 years with local banks, including the treasury department at HSBC Bank in London, Samba, and Arab National Bank, also he contributed to establishing the Department of Innovative Investment Solutions at SABB (now SAB).-TradeArabia News Service
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