ROSHN Signs credit facilities deals worth SR6 bln with 3 Saudi ‎banks

ROSHN Co., the leading national real estate developer, has signed agreements with three of the leading financial institutions in the Kingdom, the Saudi British Bank “SABB”, Bank Al Bilad and Al Rajhi Bank, under which credit facilities for working capital amounting to 6 billion riyals.

The new credit deals, each valued at 2 billion riyals ($530 million), will constitute a qualitative leap in the real estate sector and a basis for diversifying financing, and come as ROSHN ramps up its operations across the country.

Group CEO David Grover said: “We are proud of these deals, and we consider them a milestone for our company, as working with the vital financial sector in the Kingdom will enable us to accelerate our ambitious program, which seeks to implement a new vision for integrated and sustainable living, throughout the Kingdom.” ..

For his part, Group Chief Financial Officer Avinash Bangarkar said: “These deals represent an important strategic development for us. Now, by securing credit facilities from leading financial institutions, we are establishing an effective and advanced financing base capable of enhancing shareholder returns and advancing our huge development program.” for years to come.”

The signing of the financial agreements comes within the framework of the progress made by “ROSHN” in the Kingdom, as the company intends to build vital urban communities, covering 4 regions and including 9 cities, including Riyadh, Jeddah, Al-Kharj, Hofuf, Qatif, Makkah Al-Mukarramah, Abha, and Makkah Al-Mukarramah. Roshen aims to enhance the urban fabric of the Kingdom, in a way that promotes a unique and healthy lifestyle, through the humanization of cities, and the provision of pedestrian-friendly streets, green spaces, retail facilities, entertainment, hospitals, medical centers, mosques, and sports facilities.