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Bidaya Announces Key Initiative to Enhance Home Finance Sector in Saudi Arabia

Posted on 1-05-2019

Alghunaim: “the final Sukuk issuance under the programme supports diversification of our funding sources”

Riyadh, April 2019: Under the auspices of the Custadian of the Two Holy Mouques, King Salman bin Abdulaziz, Bidaya Home Finance (“Bidaya”) has concluded its participation in the first edition of the Financial Sector Conference (“FSC”), held in Riyadh on April 24-25, 2019 under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud.

Bidaya’s participation in the first of its kind conference in Saudi Arabia, came along with a number of government agencies and leading institutions in the Saudi finance sector. The event is considered part of the Financial Sector Development Program, which is one of the Vision 2030 initiatives, and aims to become the most prominent financial sector event locally and regionally.

Mr. Mazin Al-Ghunaim, Chief Executive Officer of Bidaya, expressed his pride with support of the Custodian of the Two Holy Mosques to this important event, stating that Bidaya’s participation cements its leading position in the local home finance sector, through a number of initiatives that contributed in reshaping the real estate finance industry in the Kingdom; such initiative are innovative and effective solutions that have contributed in providing avenues for achieving the Kingdom’s ambitions”. “We are proud to have helped more than 10,000 beneficiaries to purchase their own homes, supporting the national transformation objectives and the ambitious Vision 2030”, he added.

Additionally, Mr. Al-Ghunaim stated that Bidaya took the opportunity of its participation in the FSC to and introduce a key initiative with the aim to enhance the local home finance market in Saudi Arabia.Bidaya recently issued a final series of Sukuk under its SAR 500 million Sukuk Programme established in March 2018. The Programme has contributed in diversifying the company’s sources of funding and developing debt capital markets in the Kingdom. Bidaya is keen to play a role in the development of the local debt capital markets; hopefully, this issuance will act as a catalyst for other private issuers seeking to tap the market. Bidaya is the very first specialized finance company in the Kingdom to fully tap into and successfully close a Sukuk programme.

Bidaya seeks to increase the Saudi financial sector’s contribution to GDP by building a diversified and stable financial sector and developing a sophisticated financial market through inviting all concerned stakeholders in the Saudi financial sector to participate in a constructive dialogue.

Bidaya has been named by Global Finance Magazine as The Best Digital Mortgage Bank in the Middle East, specializes in Home finance packages consistent with the requirements of the National Transformation Program, enhancing the value of the individual within the community while significantly contributing to the development of the national economy and the achievement of sustainable development in alignment with the Kingdom’s futuristic Vision 2030.