King Abdullah Economic City (KAEC), the largest privately-funded new city in the world, said it has signed a cooperation agreement with the Saudi British Bank (SABB) aimed at providing shariah-compliant financing solutions to help its clients who wish to benefit from housing offers and purchase ready-made housing units in the residential neighborhoods of the Economic City.

 

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.

 

The signing of the agreement comes within the framework of Economic City's continuous efforts aimed at providing numerous housing solutions suitable for all income levels, stated Ahmed Ibrahim Linjawi, CEO of King Abdullah Economic City, after signing the deal with David Dew, the Managing Director of SABB. 

 

It is also in line with the objectives of the Kingdom's 2030 Vision to provide exceptional opportunities for families and individuals looking to invest or own dream home and raise the percentage of citizens' ownership, with quality of life programs complete with services and basic components of the modern environment, he noted.

 

The residential neighborhoods in the Economic City 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. 

 

The city has been keen to provide different housing solutions that suit all income levels, and to provide all types of housing support and easy financing solutions to citizens, in cooperation with its successful partners from the public and private sectors within a package of innovative programs and projects, he added.

 

Dew pointed out that the deal was a perfect example of SABB’s many fruitful partnerships to support growth initiatives aimed at achieving the goals of the 2030 Vision.

 

SABB, he stated, provides many real estate financing solutions such as Murabaha financing, Leasing, and Securitization, which include home and prefabricated apartments financing, off-plan sales, and self-construction, as well as Land and Finance Program and Home and Cash program for both personal and real estate funding.

 

"To consolidate our partnership with KAEC, we have opened a branch within the city to serve all customers who wish to benefit from its services and products, including facilitating real estate financing," he added.-TradeArabia News Service