PHOTO
Saudi Arabia-listed SHL Finance Company, which specialises in home and real estate loans, has renewed a Sharia-compliant credit facility for financing of up to SAR 200 million ($53.3 million).
The five-year financing deal with Emirates NBD will go towards providing more loans to homebuyers across Saudi Arabia, aligning with the kingdom’s Vision 2030 goal of increasing property ownership among Saudi citizens.
To secure the facility, the financial services firm provided the UAE lender with a promissory note and assignment of receivables.
Saudi Arabia’s mortgage market experienced a slowdown last year, with total home loans provided by banks reaching SAR 80.419 billion ($21.445 billion), down 11.69% from a year ago.
(Writing by Cleofe Maceda; editing by Seban Scaria)
