Saudi's KAEC inks deal to provide financial solutions on homes, land
Saudi nationals can benefit from housing offers and real estate financing to buy constructed homes or residential land
Saudi Arabia’s King Abdullah Economic City (KAEC) has inked a cooperation agreement with National Commercial Bank – the kingdom’s second-largest bank by market capitalisation – to provide financing solutions compatible with the provisions of the Islamic Sharia law.
The partnership aims to develop the real estate market by offering real estate financing solutions to those wishing to benefit from housing offers, or looking to buy constructed units or residential lands in KAEC neighbourhoods, according to the terms and financing standards approved by the bank.
The chief executive officer of the King Abdullah Economic City (KAEC), Ahmed Ibrahim Lanjawi, explained that this strategic partnership with the National Commercial Bank is part of the KAEC’s continuous efforts to promote various housing solutions that suit all income levels and are in line with the aspirations of the Kingdom's 2030 vision.
Saudi Arabia’s Ministry of Housing aims to increase residential ownership among its citizens to 70% by 2030. More than 58 housing projects at various stages of construction are being developed in various regions of the kingdom.
Real estate owners in KAEC can also benefit from the Ministry of Housing’s mortgage products, self-construction of homes, completion of construction of homes, and housing support, according to the state-run Saudi Press Agency.
The chief executive officer of the National Commercial Bank (NCB), Faisal bin Omar Al-Saqqaf, stated that the partnership falls within the initiatives of the NCB, which seeks to expand its financing operations and facilitate citizens' ownership of housing.
Al-Saqqaf added that the bank, according to this agreement, will provide the best levels of service as well as innovative financing solutions for real estate financing.