DGDA seals finance deal with Al Rajhi Bank

DGDA seals finance deal with Al Rajhi Bank

Saudi Arabia - The Diriyah Gate Development Authority (DGDA) has signed a deal with Al Rajhi Bank, a leading Saudi financial group, to provide financing options to customers for the purchase of residential property units within its giga cultural and lifestyle destination coming up near Riyadh.

The agreement facilitates financing for individuals looking to purchase homes in DGDA’s residential projects and bolsters cooperation on real estate investments, banking services, and other areas related to the coordination, development, and implementation of projects and initiatives, said a statement from DGDA.

It will pave the way for cooperation discussions across fields such as corporate and retail banking, sharia-compliant solutions, and e-commerce products intended to help DGDA improve efficiency and manage administrative challenges such as import and export credit lines, bank letters of guarantee, shipping guarantee letters, and online supply chain finance.

Additionally, the agreement includes cooperation with the bank’s corporate banking group for solutions to manage cashflow, collection, and payments, as well as managing digital payments through DGDA’s online portal.

The MoU was signed by Jerry Inzerillo, Group CEO of Diriyah Gate Development Authority, and Waleed Al-Mogbel, Chief Executive Officer of Al Rajhi Bank.

Under the terms of the MoU, the two parties will also explore the possibility