King Abdullah Economic City (KAEC) announced the signing of a cooperation agreement with the Saudi British Bank (SABB), which aims to provide various Shariah-Compliant financing solutions from SABB for clients who wish to benefit from the housing offers and purchase ready-made housing units in the residential neighborhoods of the Economic City, by the terms and financing criteria approved by the bank.
The agreement was signed on November 7, in the Economic City, between Mr. Ahmed Ibrahim Linjawi, CEO of King Abdullah Economic City, and Mr. David Dew, the Managing Director of the Saudi British Bank (SABB). This partnership will contribute to the development of the real estate market by providing financing solutions to various segments of society who 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 the housing offers in the city.
On this occasion, Mr. Ahmed Ibrahim Linjawi commented: “We are pleased to announce our strategic partnership and cooperation with SABB, to be an accredited bank to finance many residential real estate products in the city. The signing of this agreement comes within the framework of the Economic City's continuous efforts aimed at providing numerous housing solutions suitable for all income levels, and in line with the objectives of the Kingdom's 2030 Vision to provide exceptional opportunities for families and individuals looking to invest or own dream home and raise the percentage of citizens' ownership, with quality of life programs complete with services and basic components of the modern environment.”
The residential neighborhoods 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 has been keen to provide different housing solutions that suit all income levels, and to provide all types of housing support and easy financing solutions to citizens, in cooperation with its successful partners from the public and private sectors within a package of innovative programs and projects.
For his part, David Dew, Managing Director of SABB, said: “We are proud to be cooperating with King Abdullah Economic City, which is now considered a known destination for advanced modern life. This agreement is a perfect example of SABB’s many fruitful partnerships to support growth initiatives aimed at achieving the goals of the 2030 Vision.
Dew added: “To consolidate our partnership with King Abdullah Economic City, SABB has opened a branch within the city to serve all customers who wish to benefit from its services and products, including facilitating real estate financing.”
In line with Vision 2030 to raise the percentage of citizens' ownership, SABB focuses on providing Shariah-compliant real estate financing products for all society segments. The cooperation between SABB and the Ministry of Housing and the Real Estate Development Fund has resulted in many real estate financing products for all citizens wishing to benefit from the Subsidized Financing Program and the Easy Mortgage Program. In addition to the bank’s commitment to providing real estate financing offers to government and semi-government employees and private sector employees authorized by the bank.
SABB 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.
About King Abdullah Economic City:
King Abdullah Economic City is one of the most important and largest economic projects run by the private sector in the world, and revolves around the establishment of an integrated city of 185 million square meters on the Red Sea coast to the north of Jeddah. Today, the city presents a different and distinct model for the success of the Kingdom's vision in the field of housing, work and entertainment, as it moves forward to embody its position as a major catalyst for social and economic development in the Kingdom through its focus on four strategic sectors: Industrial and Logistics, which includes (King Abdullah Port, which is considered to be one of the largest ports in the world) and (Industrial Valley, which has managed to attract many international and national leading companies in various non-oil industrial sectors), in addition to the quality of life sector (neighborhoods). Coastal residential, which provides various housing solutions for different income levels), the tourism and entertainment sector, as well as the business sector, which includes multiple and varied projects and programs to support and empower youth and develop human competencies. Emaar Economic City is the main developer of King Abdullah Economic City, listed on the Tadawul stock market, and it is a Saudi public joint stock company established in 2006.
About the Saudi British Bank (SABB):
The Saudi British Bank (SABB) is a licensed financial institution operating under SAMA supervision and control. SABB was established in 1978 as a Saudi joint stock company. SABB is an associate company of the HSBC Group.
SABB offers integrated financial and banking services including personal banking, corporate banking, investment, private banking and treasury. SABB paid-up capital is SAR 20.5 billion, after the legal merger with Alawwal Bank, as the two banks became one entity and one of the largest banks in the Kingdom of Saudi Arabia.
© Press Release 2020