Thursday 25 July 2024

Roshn signs strategic deals with four top Saudi banks

RIYADH, June 10, 2024

Roshn Group, a leading developer powered by Saudi sovereign wealth fund PIF, has signed agreements with four major Saudi banks - Arab National Bank, Bank Albilad, Bank AlJazira and Riyad Bank - that will see them offer a raft of financial services. 
The deal will include the provision of specialised banking services to Roshn’s sub-developers and contractors, reinforcing the group’s commitment to supporting the kingdom’s private sector while achieving operational excellence within its projects.
The agreements will see the four banks offer a suite of enhanced banking services to sub-developers and contractors referred by Roshn, including competitive profit margins and coverage ratios. 
Services covered include expedited account opening, credit assessments, and the provision of credit facilities to eligible customers.
Avinash Pangarkar, Group Chief Financial Officer of Roshn, said the agreements with these banks underline its commitment to empowering the private sector with better backing, expedited assessments, and streamlined financial services."
"Sub-developers and contractors can plan and execute larger and more ambitious projects, contributing to their long-term growth and sustainability," noted Pangarkar. 
"As a key enabler of Vision 2030, we believe these strategic partnerships will enable operational excellence in the speed, scale and delivery of our projects, strengthening Roshn’s support for the private sector and our contribution to the Kingdom's vision of economic diversification and homeownership targets," he added.-TradeArabia News Service


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