Saudi Arabia’s National Housing Co. signs $533m Murabaha agreement with Bank Albilad

Saudi Arabia’s National Housing Co. signs $533m Murabaha agreement with Bank Albilad

RIYADH: Saudi Arabia's National Housing Co. has signed a SR2 billion ($533 million) Murabaha financing agreement with the Bank Albilad to finance the infrastructure works for projects in Al-Gwan suburb in Riyadh and Khayala suburb in Jeddah. Bank Albilad has assets of SR100 billion, CEO Abdullah AlOnaizan told CNBC Arabia on Wednesday. The bank has the capacity to deal with any major agreements, especially in real estate financing, he said. The projects support the Saudi Vision 2030 goals to increase the percentage of Saudi families owning houses to 70 percent by the end of the decade. NHC is the investment arm of the Saudi Ministry of Municipal, Rural Affairs and Housing.