ROSHN Group strikes MoUs with 4 leading Saudi banks

By Shilpa Annie Joseph, Official Reporter
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ROSHN conducts bootcamp for Saudi SMEs
Rep. Image | ekrem osmanoglu @ Unsplash

ROSHN Group, Saudi Arabia’s leading national real estate developer and PIF-owned giga-project, has signed agreements with four major Saudi banks, Arab National Bank, Bank Albilad, Bank AlJazira, and Riyad Bank, in order to offer enhanced and streamlined financial services.

The memoranda of understanding will include the provision of specialized 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 within its projects.

The agreements will see the four banks offer a suite of enhanced banking services to sub-developers and contractors referred by ROSHN, including competitive profit margins and coverage ratios. Services covered include expedited account opening, credit assessments, and the provision of credit facilities to eligible customers.

Avinash Pangarkar, Group Chief Financial Officer of ROSHN, said that, “The agreements with Arab National Bank, Bank Albilad, Bank AlJazira, and Riyad Bank underline our commitment to empowering the private sector. 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.

Recently, ROSHN Group signed an agreement with the Saudi Credit Bureau (SIMAH) to access its credit rating services, boost transparency, and improve its customers’ home purchasing experience.

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