The Public Investment Fund (PIF) invested $506 million (SR1.9 billion) to establish Super Esco, a new company that aims to increase energy efficiency across government and other public buildings. According to the announcement, Super Esco, in partnership with various ministries, will create new investment opportunities through partnerships with the private sector. The PIF also invested in the Saudi dairy and farm operator Almarai, becoming the third largest shareholder with a $2.4 billion (SR9 billion) stake. In line with Vision 2030 goals to improve performance of the real estate market, the PIF announced that it would set up a mortgage company, the Saudi Real Estate Refinance Company (SRC), with the objectives of serving as an intermediary access point for investors and injecting liquidity into the real estate market. Reportedly, SRC will refinance $20 billion (SR75 billion) in mortgages in five years and $45 billion (SR170 billion) by 2026. The company’s activities will also include issuance of mortgage-backed securities, acquisition of mortgage portfolios, and refinancing to increase home ownership.
