ROSHN Group, Saudi Arabia’s leading national real estate developer and PIF-owned giga-project, has recently signed agreements with four major Saudi banks, Arab National Bank, Bank Albilad, Bank AlJazira, and Riyad Bank, that will see them offer a raft of financial services (FS). According to Industry sources, the memorandum of understanding, signed as of May 30th, 2024, comprises specialized banking services to ROSHN’s sub-developers and contractors, boosting the Group’s commitment to supporting the Kingdom’s private sector while achieving operational excellence within its projects.
Industry sources also added that this agreement will overview the four banks offering a suite of boosted banking services to sub-developers and contractors referred by ROSHN, including competitive profit margins and coverage ratios. Services covered include expedited account opening, credit assessments, and the provision of credit facilities to eligible customers.
Avinash Pangarkar, Group Chief Financial Officer of ROSHN stated “The agreements with Arab National Bank, Bank Albilad, Bank AlJazira and Riyad Bank underline our commitment to empowering the private sector. With better financial backing, expedited assessments, and streamlined financial services. Sub-developers and contractors can plan and execute larger and more ambitious projects, contributing to their long-term growth and sustainability. As a key enabler of Vision 2030, we believe these strategic partnerships will enable operational excellence in the speed, scale, and delivery of our projects, strengthening ROSHN’s support for the private sector and our contribution to the Kingdom’s vision of economic diversification and homeownership targets.”
