Saudi's National Housing pens $533mln Murabaha deal with Bank Albilad

The funding will be directed to the infrastructure works of NHC’s current and future projects

  
Islamic finance background with calculator and rosary on the table. Image used for illustrative purpose.

Islamic finance background with calculator and rosary on the table. Image used for illustrative purpose.

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Riyadh –  The Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al Hogail, witnessed the signing of a Murabaha funding agreement worth SAR 2 billion between National Housing Company (NHC) and Bank Albilad, the Saudi Press Agency (SPA) reported on Wednesday.

The funding will be directed to the infrastructure works of NHC’s current and future projects in Al Jawan suburb in Riyadh and Khayala suburb in Jeddah, as well as other housing projects in collaboration with property developers.

The agreement is in line with Saudi Vision 2030 which has contributed to raising the Saudi home ownership to 60% at the end of 2020, with plans to reach 70% by 2030, NHC’s CEO, Mohammad Al Buty said.

Source: Mubasher

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