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The global asset manager BlackRock (NYSE: BLK) has signed a memorandum of understanding with the Saudi Real Estate Refinance Company (SRC), a company within the Saudi government-owned Public Investment Fund, to further develop the kingdom’s real estate finance market.

According to the SRC, the memorandum seeks to speed to accelerate the development of Saudi Arabia’s real estate refinancing market programs while expanding local and international capital market channels. The companies will also work together to diversify funding sources through fixed income markets. The partnership will be used toward the housing and financial sector development program goals of the kingdom’s Vision 2030 initiative.

The memorandum was signed under the patronage of Majed bin Abdullah Al-Hogail, the Saudi minister of municipalities and housing and chairman of the SRC board of directors, during an official visit to the US. SRC announced the new pact with BlackRock in a press statement; BlackRock did not issue an official press release, although BlackRock President Robert Capito was president at the signing.

“The new agreement with BlackRock is part of the company’s ongoing efforts to expand the participation of both local and international investors in the real estate refinancing market in the kingdom by working with regulators to establish scalable, well-regulated frameworks and create attractive investment opportunities in securities related to real estate refinancing,” said SRC’s CEO Majeed Al-Abduljabbar. “We also aim to attract international institutional investors to develop a broad base of investors in this sector, aligning the growth of the home finance market with the kingdom’s broader economic transformation goals, promoting economic diversification, and achieving the goals of the Kingdom’s Vision 2030.”