PIF's ROSHN inks SAR 9B syndicated credit facility agreement

The signing ceremony

ROSHN Group, a subsidiary of the Public Investment Fund (PIF), announced securing unsecured syndicated credit facilities worth SAR 9 billion from several local banks.

The revolving facilities can be used over the next five years, state-run SPA reported.

The credit facilities, which fall within the framework of the financing strategy adopted by ROSHN, will be allocated for the group's general purposes. It will also be utilized in financing expansion and growth plans, state-run SPA reported.

According to data available to Argaam, PIF launched ROSHN, a new company specialized in developing world-class integrated urban communities across the Kingdom, in August 2020.

In August 2023, Oussama Kabbani, Group Chief Development Officer at ROSHN, said that the group plans to increase its current land bank of 100 million square meters, adding that the plan aligns with the target set by the company’s board of directors and Saudi Arabia’s Crown Prince to build 395,000 housing units.

The company will also expand its mixed-use projects.