Roshon, the leading national real estate developer, has signed agreements with three of the Kingdom’s leading financial institutions, the Saudi British Bank (SABB), Al-Bilad Bank, and Al-Rajhi Bank, under which it will be granted working capital credit facilities totaling 6 billion riyals ($1.6 billion).

The new credit facilities, each worth 2 billion riyals ($530 million), will mark a quantum leap in the real estate sector and lay the foundation for financing diversification, coinciding with a time when “Roushen" is ramping up its operations across the country.

On this occasion, Group CEO David Grover said: " ”We are proud of these deals and consider them a milestone for our company, as working with the Kingdom’s dynamic financial sector 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 CFO 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 sophisticated financing base capable of enhancing shareholder returns and driving our massive development program for years to come.”

It is worth noting that the signing of these financial agreements comes as part of the progress being made by ”Roshen" in the Kingdom, where the company plans to build vibrant urban communities spanning four regions and encompassing nine cities, including Riyadh, Jeddah, Al-Kharj, Al-Hofuf, Al-Qatif, Makkah, and Abha.

”Roshon" aims to enhance the Kingdom’s urban fabric, promoting a unique and healthy lifestyle by humanizing cities and providing pedestrian-friendly streets, green spaces, retail facilities, entertainment venues, hospitals, medical centers, mosques, and sports facilities.

Expected credit deals