Riyadh, Saudi Arabia, October 2016: Today Al Khozama Management Company, Saudi Arabia’s leading hospitality and property management company, signed a substantial funding agreement with The National Commercial Bank to provide a SAR 1.3 billion banking facility.
The agreement was signed today by His Highness Prince Bandar bin Saud bin Kalid, Chairman of Al Khozama Management Company, and Eng. Yasir AbuSuliman, Head of Structured Finance at NCB at NCB.
Commenting on the agreement His Highness Prince Bandar said:
“This investment will be a qualitative addition to our current assets and will support our returns on investment, which is consistent with our vision and development of Saudi Arabia. His highness also mentioned that: “Al Khozama Management Company always aims to develop its business and services to offer a unique and amazing experience in a time of severe competition in the market, this investment will continue to provide a unique distinguished offering consistent with our previous one”. His highness thanked NCB for their constant support for the company since the construction of Al Faisaliah Tower, Mall and Hotel in the early 2000’s, which has been an iconic and successful landmark in Riyadh.
Commenting on the agreement, AlSharif Khalid AlGhalib, NCB’s Head of Corporate Banking Group, said: ”The National Commercial Bank is leading the corporate financing industry compared to our competitors. The agreement with Al Khozama showcases the Bank’s contribution in supporting the Saudi economy’s vital industries, as well as our understanding of how Al Khozama project’s strategic objectives and positive impacts on our national economy, particularly the real estate and hospitality sectors.”
AlGhalib added: “NCB signed many finance agreements with national companies in an effort to support the Saudi Arabia Vision 2030 and the economic development of our country, highlighting NCB’s endeavors to offer Sharia-compliant innovated products that meet its client’s requirements, serve different industries, and support our national economy.”
On his part, Eng. Yasir AbuSuliman, Head of Structured Finance at NCB, asserted NCB’s leadership in financing projects through recent finance agreements with strategic partners, benefiting from NCB strong portfolio of Sharia-compliant innovated products that serve the real estate sector’s development, particularly the multi-purpose commercial projects that combine hospitality, retail and service facilities. The agreement also accommodates Al Khozama’s investment needs to escort the revolution of real estate industry and carry on with its successful journey.