Riyadh, Saudi Arabia, 26 October 2016

Today Al Khozama Management Company, Saudi Arabia’s leading hospitality and property management company, signed a substantial funding agreement with The National Commercial Bank to provide a SAR 1.3 billion banking facility.

The agreement was signed today by His Highness Prince Bander bin Saud bin Kalid, Chairman of Al Khozama Management Company, and Eng. Yasir AbuSuliman, Head of Structured Finance at NCB at NCB.

Commenting on the agreement His Highness Prince bander said:

“This investment will be a qualitative addition to our current assets and will support our returns on investment, which is consistent with our vision and development of Saudi Arabia. His highness also mentioned that: “Al Khozama Management Company always aims to develop its business and services to offer a unique and amazing experience in a time of severe competition in the market, this investment will continue to provide a unique distinguished offering consistent with our previous one”. His highness thanked NCB for their constant support for the company since the construction of Al Faisaliah Tower, Mall and Hotel in the early 2000’s, which has been an iconic and successful landmark in   Riyadh.

Commenting on the agreement, AlSharif Khalid AlGhalib, NCB’s Head of Corporate Banking Group, said: ”The National Commercial Bank is leading the corporate financing industry compared to our competitors. The agreement with Al Khozama showcases the Bank’s contribution in supporting the Saudi economy’s vital industries, as well as our understanding of how Al Khozama project’s strategic objectives and positive impacts on our national economy, particularly the real estate and hospitality sectors.”

AlGhalib added: “NCB signed many finance agreements with national companies in an effort to support the Saudi Arabia Vision 2030 and the economic development of our country, highlighting NCB’s endeavors to offer Sharia-compliant innovated products that meet its client’s requirements, serve different industries, and support our national economy.”

On his part, Eng. Yasir AbuSuliman, Head of Structured Finance at NCB, asserted NCB’s leadership in financing projects through recent finance agreements with strategic partners, benefiting from NCB strong portfolio of Sharia-compliant innovated products that serve the real estate sector’s development, particularly the multi-purpose commercial projects that combine hospitality, retail and service facilities. The agreement also accommodates Al Khozama’s investment needs to escort the revolution of real estate industry and carry on with its successful journey.

-Ends-

About Al Khozama
Al Khozama Management Company is the Kingdom’s leading developer and manager of luxurious commercial properties. It was formed as a result of the simple, yet bold, idea of building an iconic property in the heart of Riyadh, which resulted in the creation of the Al Faisaliah District 30 years ago. Today, Al Khozama owns and manages a portfolio of properties, including hotels and resorts, offices, retail operations and more. The company plans to be a leading thinker, builder, creator and manager of properties and facilities in Saudi Arabia and beyond. Al Khozama will achieve this goal by making every interaction, with every person, positively memorable.

Named by the World Travel Awards as Saudi Arabia’s leading luxury hospitality company for 2015, Al Khozama manages eight hotels, featuring more than 1,600 rooms; more than 35,000m2 of retail space; and more than 50,000 m2 of office space, Al Khozama’s portfolio of properties include:

Hospitality

  • Al Faisaliah Hotel

  • Al Faisaliah Suites

  • Al Faisaliah Resort & SPA

  • Al Khozama Hotel

  • Al Shohada Hotel

  • Bay La Sun Hotel & Marina

  • Manazel Al Ain Grand

  • Al Khozama Residence

Office & Retail

  • Al Faisaliah Tower

  • Al Fasialiah Mall

  • Al Khozama Center

© Press Release 2016