Saudi Arabia: Diriyah secures $533m financing for branded residences

 

Arab National Bank to finance branded residences in Saudi Arabia's Diriyah   

Diriyah Company has secured SR2 billion ($533 million) in financing from Arab National Bank (anb) to support the development of branded residences within Saudi Arabia’s $63.2 billion Diriyah giga-project. 

The financing will support residential developments across Diriyah and Wadi Safar, as the company advances plans for more than 300 branded residences as part of a broader strategy to deliver 18,000 homes for up to 100,000 residents across the two masterplans.

The agreement marks the first financing partnership between anb and Diriyah Company. It was signed by Diriyah Company Group CEO Jerry Inzerillo and anb Chief Wholesale Bank Officer Louai Alzaher.

“This new agreement with anb shows once more the confidence of large-scale financial institutions and institutional investors in the long-term success and return on investment that Diriyah offers,” Inzerillo said.

 

Read More             Diriyah: An innovative smart city redefining the world of work

 

He added that the portfolio of more than 300 branded residences represents a flagship component of the company’s wider residential strategy for Diriyah and Wadi Safar.

The developments cover masterplans spanning 14 square kilometers in Diriyah and 62 square kilometers in Wadi Safar. Alongside residential communities, the projects are planned to include hotels, cultural and educational facilities, entertainment venues and sports assets.

Anb Managing Director and CEO Obaid Alrasheed said the bank remained committed to supporting major national development projects and initiatives contributing to Saudi Arabia’s economic growth.

More than $30bn in contracts awarded

Diriyah Company has awarded more than SR110 billion ($30 billion) in major contracts for the wider Diriyah giga-project, according to the company.

The overall development is valued at approximately SR236 billion ($63.2 billion) and forms part of Saudi Arabia’s broader economic diversification and development agenda.

More than 63,000 workers are currently engaged on the project site, highlighting the scale of construction activity underway across the development.

The latest financing agreement provides additional capital for Diriyah Company’s residential pipeline as it continues to advance development across Diriyah and Wadi Safar.

Source: Arabian Business