KAEC and SABB sign cooperation agreement for shariah-compliant financing
Agreement will help clients wishing to benefit from housing offers and to purchase ready-made housing units in the Economic City
King Abdullah Economic City (KAEC), the largest, privately funded new city in the world, has announced the signing of a cooperation agreement with the Saudi British Bank (SABB), which is aimed at providing shariah-compliant financing solutions to help clients who wish to benefit from housing offers and purchase ready-made housing units in the residential neighbourhoods of the Economy City.
The partnership between KAEC and SABB will contribute to the development of the real estate market by providing financing solutions to various segments of society to wish to own property in a high-quality environment, as well as providing real estate facilities to all sectors approved by SABB, governmental or private, who want to benefit from housing offers in the city.
The signing of the agreement comes within the framework of Economic City’s continuous efforts aimed at providing numerous housing solutions suitable for all income levels, stated Ahmed Ibrahim Linjawi, CEO of King Abdullah Economic City, after signing the deal with David Dew, the Managing Director of SABB.
Linjawi also noted that the agreement was in line with the objectives of the Kingdom’s 2030 Vision to provide exceptional opportunities for families and individuals looking to invest or own homes and raise the percentage of citizens’ ownership, with quality-of-life programs complete with services and basic components of the modern environment.
The residential neighbourhoods in the Economic City have been designed to meet all family life requirements for people looking to live a unique lifestyle and enjoy the full advantages of a modern, advanced environment.
The city provides different housing solutions that suit all income levels and provides all types of housing support and easy financing solutions to citizens, in cooperation with its partners from the public and private sectors within a package of innovative programs and projects, Linjawi pointed out.
Dew added that the deal was a perfect example of SABB’s many fruitful partnerships to support growth initiatives aimed at achieving the goals of the 2030 Vision.
SABB, he stated, provides many real estate financing solutions such as Murabaha financing, Leasing, and Securitization, which include home and prefabricated apartments financing, off-plan sales, and self-construction, as well as Land and Finance Program and Home and Cash program for both personal and real estate funding.
“To consolidate our partnership with KAEC, we have opened a branch within the city to serve all customers who wish to benefit from its services and products, including facilitating real estate financing,” he concluded.
