National Housing inks SAR 2 bln project financing deals with Al Rajhi Bank

Agreement signing ceremony

National Housing Co. (NHC) inked today, Jan. 19, two financing agreements worth SAR 2 billion with Al Rajhi Bank, it said in a statement.

Under these agreements, Al Rajhi will finance the development of new housing projects in Riyadh and Jeddah, which will provide around 15,000 residential units.

These agreements will also help implement the e-financing platform for the beneficiaries of the Ministry of Housing’s Sakani program.

Under the first financing agreement, NHC will undertake the development of residential projects spanning more than 10 million square meters (sqm) and comprising 14,800 housing units, including 3,200 units in Riyadh and 11,600 units in Jeddah within the company’s diversified project portfolio.  

NHC undertakes the development of full-fledged residential compounds in partnership with real estate developers, within the Ministry of Housing’s initiatives.