Riyadh – Mubasher: ROSHN Group, a real estate developer owned by the Saudi Public Investment Fund (PIF), has signed memorandum of understanding (MoU) with Arab National Bank, Bank Albilad, Bank AlJazira, and Riyad Bank.
Under the MoUs, which were signed on 30 May 2024, the four banks will provide the group with a host of financial services, according to a press release.
The agreements cover the provision of specialised banking services to ROSHN’s sub-developers and contractors, reinforcing the group’s commitment to supporting the Kingdom’s private sector while achieving operational excellence in its projects.
Services include expedited account opening, credit assessments, and the provision of credit facilities to eligible customers.
Avinash Pangarkar, Group CEO of ROSHN, said: "With better financial backing, expedited assessments, and streamlined financial services. Sub-developers and contractors can plan and execute larger and more ambitious projects, contributing to their long-term growth and sustainability.”
“As a key enabler of Vision 2030, we believe these strategic partnerships will enable operational excellence in the speed, scale, and delivery of our projects, strengthening ROSHN’s support for the private sector and our contribution to the Kingdom's vision of economic diversification and homeownership targets,” Pangarkar added.
In May 2024, Roshn Group has awarded Building Construction Company Limited, a subsidiary of Retal Urban Development Company a SAR 2.89 billion contract.
