Saudi National Bank, Roshen Group sign a Sharia-compliant credit facility agreement worth SAR 2 billion

Saudi National Bank and Roshen Group signed a Sharia-compliant credit facility agreement worth SAR 2 billion to finance the group’s acquisition of “Roshen Facade” with the aim of enhancing the group’s investments in developing multi-use projects and sustainable growth, as part of the group’s vision to enhance strategic expansion and development projects according to the highest standards as a leading multi-asset developer.

The agreement was signed at the bank’s headquarters in King Abdullah Financial District in Riyadh by the bank’s Head of Corporate Banking Group, Mr. Nasser bin Sulaiman Al-Furaih, and the Chief Financial Officer of Roshen Group, Mr. Avinash Bangarkar, in the presence of the CEO of National Commercial Bank, Mr. Tariq bin Abdulrahman Al-Sadhan, and a number of executive leaders from both sides.

Mr. Nasser bin Sulaiman Al-Furaih, Head of Corporate Banking Group at National Commercial Bank, valued the trust that Roshen Group has placed in National Commercial Bank to be the financing partner for its strategic projects that aim to provide integrated destinations for entertainment, work and living in the Kingdom and support sustainable growth and improve the quality of life. He added, “ This partnership reflects the mutual trust between the National Commercial Bank and Roshn Group, and enhances their efforts in developing multi-use projects that combine shopping, business and entertainment, and confirms the leading role of the National Commercial Bank in supporting strategic projects that contribute to achieving economic growth and social prosperity in the Kingdom. He concluded his speech by saying, “The National Commercial Bank supports institutional financing and projects with a strategic development dimension, keeping in mind the vision of the Kingdom of Saudi Arabia 2030 and its strategic objectives, in order to meet the requirements of the economic growth witnessed by the Kingdom – praise be to God – and the bank has plans to continue contributing to financing large, medium and small projects in order to encourage and support all sectors of productive economic activity in the Kingdom.”