A Saudi developer signed an agreement with a number of local banks on Tuesday to provide finance for buyers of units in its 256-house project in the capital Riyadh. 

Ezdihar Real Estate Development inked the deal with Riyadh Bank, Al-Bilad Bank, Al-Rajhi Bank, National Commercial Bank and Dar Al-Tamleek for Real Estate Finance. 

The deal is intended to facilitate the purchase of houses by Saudis in the Company’s “Garden Residence” project in Hittin area in Riyadh. 

“This agreement is part of a strategic partnership with the banks and is designed to support the housing programme in Vision 2030 to expand Saudi citizens’ housing ownership,” the Company’s CEO Fawaz Al-Hokair said. 

He revealed that nearly 60 percent of the 256 units under construction had been sold on the map, adding that the project also comprises a cinema, a sport club, multi-purpose halls, amusement centers, car parks and other facilities. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)