Saudi Arabia’s National Housing Company (NHC) has signed a 2 billion Saudi riyal ($533 million) Murabaha financing agreement with Bank Albilad to finance the infrastructure works for current and future projects in Al-Gwan suburb in Riyadh and Khayala suburb in Jeddah.

The projects support the objectives of the Kingdom’s Vision 2030 to increase the percentage of Saudi families owning houses to 70 percent by 2030.

NHC is the investment arm of the Saudi Ministry of Municipal, Rural Affairs and Housing.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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