Bidaya secures $65m funding from Saudi National Bank
RIYADH, October 3, 2022
Bidaya Home Finance, a leading Saudi company in the field of digital real estate financing, has secured a new 15-year long-term structured facility with the Saudi National Bank (SNB).
The new financing will significantly strengthen the company’s balance sheet, lower financing costs, and increase flexibility – allowing Bidaya to execute on its long-term strategy and build upon its market-leading position in the coming years, said a statement from the company.
It will be for a 15-year term mainly aimed at financing long-term mortgages originated by Bidaya, it stated.
Acting CEO Engineer Faisal Al Nasser said: "We are very pleased to reach this important milestone being the first in the industry to achieve long-term facility to match our long-term assets (mortgages). This financing is a substantial recognition of both Bidaya’s position in the industry, as well as our strong track record."
Being a major player in Saudi Arabia, Bidaya's main objectives is to enable customers to become homeowners by offering simple financing solutions via our innovative digital platform. This makes it a key contributor to the achievement of Saudi Vision 2030, he added.-TradeArabia News Service
