Bidaya Finance secures SAR 245 mln long-term facilities from SNB

Agreement signing

Bidaya Home Finance secured new long-term structured facilities at a total value of SAR 245 million from Saudi National Bank (SNB).

These facilities, which will be used to finance long-term home mortgages launched by Bidaya, have a tenor of 15 years, the company said in a statement.

The new funding will significantly strengthen Bidaya’s balance sheet, reduce funding costs and enhance resilience. This will enable the company to implement its long-term strategy and position itself as a market leader in the coming years.

Bidaya’s Acting CEO, Faisal Al Nasser, said the funding reflects Bidaya’s position in the real estate industry.