PIF-owned developer ROSHN signs $1.6bn credit facilities with Saudi banks to ramp up operations

PIF-owned developer ROSHN signs $1.6bn credit facilities with Saudi banks to ramp up operations

RIYADH: In a move to expand its funding base, Saudi real estate developer ROSHN signed SR6 billion ($1.6 billion) worth of credit facilities deals with three of the Kingdom’s leading banks. The Public Investment Fund-owned developer termed the deals one of the “landmark debt transactions” in the real estate development market as it looks to ramp up its operations in the Kingdom. ROSHN signed agreements with the Saudi British Bank, Bank Albilad, and Al Rajhi as part of its strategy to obtain external funding for its projects. With a total value of SR2 billion each, it said the new credit facilities will constitute a fundamental change in the real estate sector as well as a basis for diversifying financing. “Taken together, these deals are an important milestone for ROSHN. 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,” said ROSHN Group CEO, David Grover. The developer said the new financial agreements fall in line with the framework of its objective of building vital urban communities covering nine cities including Riyadh, Jeddah, Al-Kharj, Hofuf, Qatif, Makkah Al-Mukarramah, Abha, and others.