Blominvest Saudi Arabia announced the closing of the private placement offering of “Blominvest – Maskan Arabia for Real Estate Development Fund” with a total of SR283m (EGP 455m) that is focused on building 400 housing units in north and north-west Riyadh in collaboration with Maskan Arabia, the project developer.
Blominvest mentioned that it has arranged a real estate loan of SR290m (EGP 467m) for IBAR Development and Alahli Bank Saudi Arabia focused on building the project’s residential villas in three years duration. Blominvest extended its thanks to the representatives who contributed to the success of the project and expressed that it is looking forward to their contribution in future projects.
The project financing contract was signed yesterday by the National Commercial Bank (Financing Party), IBAR Development and Maskan Arabia (Project Developer). A three-year development contract was also signed by Blominvest Saudi Arabia (Fund Manager) and Maskan Arabia Investment and Development, the developer of the new housing project in Riyadh.
Commenting on this occasion, Eng. Yasir Abusulayman, Vice President and Head of Corporate Structured Unit, signed the agreement on behalf of Alahli Bank, said that the funding comes in response to the increased demand on housing units to meet public needs, and driven by the bank’s vision to support the Real Estate Sector, which is a crucial part of the development and is second of importance in the kingdom after the oil sector. He indicated also that Alahli Bank is a pioneer in the field of finance and has signed many related agreements.