DGDA signs MoU with Al Rajhi Bank to help fund home buyers

DGDA signs MoU with Al Rajhi Bank to help fund home buyers

Riyadh: The Diriyah Gate Development Authority (DGDA) has signed a Memorandum of Understanding (MoU) with Al Rajhi Bank to provide financing options for the purchase of residential property units. 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.

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. The agreement 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.

Under the terms of the MoU, the two parties will also explore the possibility of the bank offering off-plan sales management using tools including an advanced user interface and reporting system, which