King Abdullah Economic City (KAEC) has announced the signing of a cooperation agreement with the Saudi British Bank (SABB), which aims to provide Shariah-compliant financing solutions from SABB for clients who wish to purchase ready-made housing units in the economic city, by the terms and financing criteria approved by the bank.
The agreement was signed on Nov. 7 in KAEC, between Ahmed Ibrahim Linjawi, CEO of KAEC, and David Dew, managing director of 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.
“We are pleased to announce our strategic partnership and cooperation with SABB,” Linjawi said. “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 Vision 2030 to provide exceptional opportunities for families and individuals looking to invest or own a 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 KAEC 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.
“We are proud to be cooperating with King Abdullah Economic City, which is now considered a known destination for an 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 Vision 2030,” said Dew.
He added: “To consolidate our partnership with KAEC, 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 goals to raise the percentage of citizens’ home 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.
