Zakher Development Company, the lead developer responsible for the master plan and infrastructure for the “Zakher Makkah” project, a cooperation agreement with the Saudi British Bank (SABB), The agreement provides customers of Al-Zakher Development with a range of financing solutions, including off-plan financing, as part of the company’s ongoing efforts to meet customers” needs and aspirations.
It is worth noting that the project covers an area of 320,000 square meters and, upon completion, will include approximately 100 units for various uses, including hotels, residential, commercial, and service-oriented properties, Residential and hotel units are available in various categories, with the option of freehold ownership. Among the international hotel brands present in the project are Radisson, Park Inn, and the world’s largest Novotel in terms of number of rooms.
The agreement was signed by Eng. Abdulaziz bin Saleh Al-Aboudi, CEO of Al-Zakher, and Mr. Mohammed Al-Mousa, General Manager of Branches and Sales at the Saudi British Bank (SABB). The Zakher project recently obtained an off-plan sales license from the Off-Plan Sales Committee at the Ministry of Municipal, Rural Affairs, and Housing in the Kingdom of Saudi Arabia.
Engineer Abdulaziz bin Saleh Al-Aboudi said, ”We are proud of this collaboration with SABB, which underscores the trust and support for the development projects undertaken by Thakher.” This agreement is part of the partnerships that Dhakher establishes with financial institutions and other entities to provide the best options and products to its customers, in order to achieve the best results in line with Saudi Arabia’s Vision 2030.”
For his part, Mr. Mohammed Al-Mousa said: “We are pleased to sign a cooperation agreement with Thakher, the lead developer of one of the most important projects in Makkah. This agreement is part of SABB’s ongoing efforts to provide diverse financing solutions tailored to all customers, and to support and develop the real estate sector to achieve the goals of Vision 2030.”
It is worth noting that most of the first phase of the Al-Zakher Makkah project has been completed, including the entire infrastructure, and the second phase is expected to be completed in 2024.
The Saudi British Bank (SABB) is committed to contributing to development initiatives and projects aimed at advancing the real estate and housing sectors in line with the Kingdom’s Vision 2030, with a focus on designing its banking products to the highest standards. SABB offers a full range of real estate financing solutions, including the purchase of units under construction (off-plan sales), purchasing completed units and land, self-construction, and mortgage financing, in addition to the “Maskan” and “Liquidity” products, as well as all programs offered by the Real Estate Development Fund and the Ministry of Housing.
