RIYADH: The Real Estate Development Fund (REDF) has struck a deal with the National Commercial Bank (NCB), to provide financing and housing services to the beneficiaries of the “Sakani” program, SPA reported.
It is the fourth such agreement signed by the fund with financing agencies as it aims to accelerate the pace of residential ownership of families across the Kingdom.
“We look forward to the presence of all our partners from financing agencies in all the fund’s branches during the coming period to provide financing and housing solutions closely to Saudi families within the subsidized loan program,” said the general supervisor of the REDF, Mansour Bin Madi.
The Sakani housing program aims to raise Saudi home ownership to 70 percent by 2030.
Saudi Real Estate Fund and NCB to provide financing services across the Kingdom
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Saudi Real Estate Fund and NCB to provide financing services across the Kingdom
- It is the fourth such agreement signed by the fund with financing agencies as it aims to accelerate the pace of residential ownership of families across the Kingdom
Second firm ends DP World investments over CEO’s Epstein ties
- British International Investment ‘shocked’ by allegations surrounding Sultan Ahmed bin Sulayem
- Decision follows in footsteps of Canadian pension fund La Caisse
LONDON: A second financial firm has axed future investments in Dubai logistics giant DP World after emails surfaced revealing close ties between its CEO and Jeffrey Epstein, Bloomberg reported.
British International Investment, a $13.6 billion UK government-owned development finance institution, followed in the footsteps of La Caisse, a major Canadian pension fund.
“We are shocked by the allegations emerging in the Epstein files regarding (DP World CEO) Sultan Ahmed bin Sulayem,” a BII spokesman said in a statement.
“In light of the allegations, we will not be making any new investments with DP World until the required actions have been taken by the company.”
The move follows the release by the US Department of Justice of a trove of emails highlighting personal ties between the CEO and Epstein.
The pair discussed the details of useful contacts in business and finance, proposed deals and made explicit reference to sexual encounters, the email exchanges show.
In 2021, BII — formerly CDC Group — said it would invest with DP World in an African platform, with initial ports in Senegal, Egypt and Somaliland. It committed $320 million to the project, with $400 million to be invested over several years.
