Saudi Arabia’s leading national real estate developer powered by the Public Investment Fund (PIF), ROSHN has signed a working capital facility agreement worth $1.6 billion (SR6 billion) with three leading banks in the kingdom.
ROSH signed the agreement with Saudi British Bank (SABB), Bank Albilad, and Al Rajhi, according to the statement. The move comes as part of ROSHN’s efforts to obtain external funding for its upcoming integrated community projects
“With a total value of $532 million (SR2 billion) each, these new credit facilities will constitute a fundamental change in the real estate sector as well as a basis for diversifying financing,” said the Saudi developer in a statement.
Announcing the deal, ROSHN described it as a ‘landmark debt transaction’ in the real estate development market and stated that it was part of its commitment to developing integrated communities in which residents live a new lifestyle.
Mr. David Grover, Group CEO of ROSHN, said that, “Taken together, these deals are an important milestone for us. By working with the kingdom’s dynamic financial sector, we can accelerate the ambitious development program that is bringing our new way of integrated, sustainable living to cities across the kingdom.”
“Each of the three new agreements is at a value of $532 million (SR2 billion). In terms of volume, they represent a qualitative leap and lay a foundation for diversified finance. These agreements are to finance its working capital,” Mr. Grover further added.
Last year, ROSHN launched its new ALAROUS community in northern Jeddah. ALAROUS is ROSHN’s second community and part of a larger strategy of developing modern and vibrant neighborhoods in four regions and nine cities in the Kingdom of Saudi Arabia.
