State-backed Saudi developer Roshn Real Estate is set to spend around 10 billion riyals ($2.67 billion) on projects across the Gulf state.
The company, owned by Saudi Arabia’s Public Investment Fund (PIF), has lined up the funds after securing a SAR6 billion revolving credit facility from three lenders in the kingdom earlier this year, Bloomberg reported on Thursday.
“We’ve got about 10 billion lined up in balance sheet credit although we haven’t drawn the first six yet because we actually have enough money within our business at the moment from our receipts,” Roshn Group CEO David Grover told the publication.
“But we will be drawing it down in the next three to nine months because we have some other investments that we need to make in terms of putting cash in to start projects.”
The developer awarded this month several contracts worth $2.4 billion. The deals cover the construction, primary and secondary infrastructure and fitting works in its development projects in the kingdom.
Roshn is looking to develop 400,000 new homes, 1,000 schools and nurseries and 700 mosques across Saudi Arabia by 2030.
(Writing by Cleofe Maceda; editing by Seban Scaria) (firstname.lastname@example.org)