ROSHN signs SAR 6 bln credit facilities with Bank Albilad, SABB, Al Rajhi Bank

Logo of ROSHN Real Estate Co

ROSHN Real Estate Co., the wholly-owned subsidiary of the Public Investment Fund (PIF), signed three Shariah-compliant credit facility agreements worth SAR 6 billion, with Saudi British Bank (SABB), Bank Albilad, and Al Rajhi Bank.

In a statement published on state-owned SPA,the developer said that the agreements are to finance its working capital.

Each of the three new agreements is at a value of SAR 2 billion. In terms of volume, they represent a qualitative leap, and lay foundation for diversified finance, the statement added.

The agreements were concluded within ROSHN’s progressive framework in the Kingdom. The company intends to build urban communities in four regions,including nine cities - Riyadh, Jeddah, Al-Kharj, Hofuf, Al-Qatif, Makkah Al-Mukarramah, and Abha.