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King Abdullah Economic City signs Two Cooperation Agreements with Bidaya Home Finance

Posted on 26-11-2020

November,2020: King Abdullah Economic City (KAEC) signed two cooperation agreements with Bidaya Home Finance. The first agreement stipulates that “Bidaya” will provide Sharia-compliant financing solutions to King Abdullah Economic City customers as well as to Bidaya’s customers wishing to benefit from residential offers or purchase of ready-made units various neighborhoods of the Economic City. The second agreement also stipulated that “Bidaya”, in cooperation with Emaar, will establish different financial products.

According to the two agreements, the KAEC will provide residential offers to Bidaya’s customers and receive their home finance applications for the residential units provided by KAEC. Moreover, KAEC will create Sukuk product as well as a Direct Lending product for customers accepted in the portfolio, with respect to the legal authorities in the Kingdom.

On this occasion, Mr. Ahmed Ibrahim Lanjawi, CEO of KAEC, said: “we are pleased to have partnership and cooperate with Bidaya Home Finance Company, which will provide investment opportunities in various neighborhoods in KAEC and increase the homeownership percentage among citizens”. He added that that the residential neighborhoods in the city are designed to meet all the requirements of family life and those looking to live a distinctive lifestyle with advanced infrastructure, through which the city contributes to achieving the goals of KSA’s 2030 vision by providing full-service life quality programs and basic essentials for modern life.

Mr. Mazin Al-Ghunaim, the CEO of “Bidaya”, said: “we are proud to cooperate with King Abdullah Economic City, which is today considered one of the modern and distinguished economic, residential, tourist and entertainment destinations on the Red Sea. He added: “this agreement that has been signed, is among the strategic plans of Bidaya Home Finance, "to enable and encourage those wishing to own housing units within the various districts of the Economic City by obtaining appropriate real estate financing in easy and simple steps”.

It is worth noting that Bidaya, since it started practicing the real estate financing activity in January 2016 AD, has laid clear foundations within its strategy to deal with customers by providing highest standard services and easy Sharia compliant financing solutions through its website: Bidaya.com.sa, which won many international awards during the past years.