Al Rajhi Bank and Al Diyar Al Arabia Real Estate Development Company signed an agreement to enhance cooperation of financing in real estate development projects.
The agreement was signed by Mr. Nayef Al Atawi, CEO of Al Diyar Al Arabia, and Mr. Majid Al Rajhi, General Manager of Retail Banking at Al Rajhi Bank.
The agreement aims to provide real estate products to Al Rajhi Bank’s clients, and to finance residential projects developed by Al Diar Al Arabia, especially with the company’s expansion plans and upcoming projects. Al Diar Al Arabiya is one of the bank’s main company partners in real estate development and provides its clients with real estate financing services.
The bank persists in keeping pace with the government’s plans to expand and provide real estate products in line with the Kingdom’s Vision 2030, which aims to raise the percentage of citizens’ home ownership, and continually works to provide real estate development products.
It is noteworthy that the cooperation between the two sides began during the launch of the "Sakani" program, the start of several housing projects and linking developers and banks through a single system to facilitate financing in response to the high demand for housing products in the Saudi market. This collaboration will now increase with the implementation of Al Diyar Al Arabia’s plans to expand in light of its new projects, which are located across the Kingdom, especially the central and western regions.