Mizat Development Company, a Saudi-based real estate group, has entered into a finance agreement with Bank Aljazira to provide Sharia funding for its SR250 million ($66.6 million) Darat Al-Hada residential project in Riyadh.

The project at Al-Hada in west Riyadh is one of the finest residential neighbourhoods, exceeding a total area of 40,000 sq.m that will be implemented in two phases.

The first phase consists of 48 residential units being built on an area of 325-665 sq m, while the second phase consists of 50 residential units, having in total 98 residential units.

The deal was signed by Abdulraheem Al-Towaijri, CEO of Mizat Development Company, and Abdullah Al-Shmassi, senior VP and head of corporate and institutional banking group, Bank Aljazira.

Commenting on the project, Al-Towaijri said, "The beauty of Darat Al-Hada is highlighted by the diverse modern lifestyle designs that provide comfort and settlement, and embodies the quality and prestigious elements produced by the company.

The project is characterized by its location and vital proximity to many important areas and facilities, such as the Diplomatic neighborhood, Convention Palace, Royal Court and King Faisal Specialist Hospital.

Also, the project is easily reached via the surrounding road network that provides smooth and flexible entry and exit from the neighborhood, he added.

Al-Shmassi said Bank Aljazira has continuously supported investment and real estate companies as it trusts the availability of potential investment opportunities in the sector and its economic viability, and to meet the growing demand for housing.

"Mizat has solid experience in implementing residential projects and our funding to “Darat Al-Huda” project demonstrates the goals of Bank Aljazira to deepen its engagement with real estate development companies, which in turn contributes to strengthening the role of our wise government in providing citizens with suitable housing," he added.-TradeArabia News Service