Al Khozama Management Company, a Saudi-based hospitality and property management company, said it has signed a substantial funding agreement with the National Commercial Bank (NCB) to secure SR1.3 billion ($346 million) funding for its future projects.

The NCB has been constantly supporting Al Khozama since the construction of its Al Faisaliah Tower, Mall and Hotel in early 2000, which has been an iconic and successful landmark in Riyadh, reported Arab News citing a top company official.

"This investment will be a qualitative addition to our current assets and will support our returns on investment, which is consistent with our vision and development of Saudi Arabia," stated Prince Bander bin Saud bin Khalid, the chairman of Al Khozama Management Company, after signing the deal with Yasir Abu Suliman, NCB’s head of structured finance.

“Al Khozama Management Company always aims to develop its business and services to offer a unique and amazing experience in a time of severe competition in the market. This investment will continue to provide a unique distinguished offering consistent with our previous one,” he added.

NCB’s head of corporate banking group Al Sharif Khalid Al Ghalib said the agreement with Al Khozama showcases the bank’s contribution in supporting the Saudi economy’s vital industries.

"The NCB signed many finance agreements with national companies in an effort to support Vision 2030 and the economic development of our country, highlighting the NCB’s endeavours to offer Shariah-compliant innovated products that meet its client’s requirements, serve different industries, and support our national economy," he added.