Saudi Arabia’s Diriyah Gate Development Authority (DGDA) has signed a memorandum of understanding (MoU) with the Saudi British Bank (SABB) to strengthen and broaden cooperation on financing solutions and banking services, including a deal regarding the purchase of residential units.
As per the agreement, both parties will also work together on refining DGDA’s investment opportunities, in addition to offering comprehensive banking services to the organization and its staff at competitive rates.
DGDA stated that the MoU focuses on establishing a set of corporate and retail banking services for DGDA, inclusive of eCommerce products, such as import and export Letters of Credit, import and export document collections, bank letters of guarantee, and shipping letters of guarantee.
Under this deal, SABB’s Corporate Banking Group will also extend cash flow management, collection and payment services to the Authority, while the Retail Banking Group will provide personal and real estate financing solutions.
Further, SABB will establish a specialized account management product that measures “off-plan sales” and includes a comprehensive reporting system that enables DGDA to maintain a clear, detailed view of its ongoing projects.
“The agreement seeks to improve cooperation in areas related to investment and banking solutions that serve a variety of functions related to DGDA and its projects to achieve their strategic goals,” said Mr. Jerry Inzerillo, the Group Chief Executive Officer of DGDA.
Mr. Inzerillo further noted that the MoU also lays the foundation for establishing real estate funds to finance the development of property for sale, lease and other specified purposes.
For his part, Mr. Tony Cripps, the Chief Executive Officer of SABB, remarked that “the MoU covers the possibility of providing dynamic fiscal management products tailored to the specific needs of each of DGDA’s projects, as well as comprehensive corporate and retail banking solutions.”