Al-Khozama, NCB sign SR1.3bn funding facility

Al-Khozama Management Company, Saudi Arabia’s major hospitality and property management company, has signed a substantial funding agreement with the National Commercial Bank (NCB) to provide a SR1.3 billion banking facility.
The agreement was signed by Prince Bander bin Saud bin Khalid, chairman of Al-Khozama Management Company, and Yasir Abu-Suliman, NCB’s head of structured finance.
“This investment will be a qualitative addition to our current assets and will support our returns on investment, which is consistent with our vision and development of Saudi Arabia,” Prince Bander said.
“Al-Khozama Management Company always aims to develop its business and services to offer a unique and amazing experience in a time of severe competition in the market. This investment will continue to provide a unique distinguished offering consistent with our previous one,” he added.
The prince thanked the NCB for its constant support extended to the company since the construction of Al Faisaliah Tower, Mall and Hotel in the early 2000’s, which has been an iconic and successful landmark in Riyadh.
NCB’s Head of Corporate Banking Group Al-Sharif Khalid Al-Ghalib said: “The NCB is leading the corporate financing industry compared to our competitors. The agreement with Al-Khozama showcases the bank’s contribution in supporting the Saudi economy’s vital industries.”
Al-Ghalib added: “The NCB signed many finance agreements with national companies in an effort to support Vision 2030 and the economic development of our country, highlighting the NCB’s endeavors to offer Shariah-compliant innovated products that meet its client’s requirements, serve different industries, and support our national economy.” 
Abu-Suliman asserted the NCB’s leadership in financing projects through recent finance agreements with strategic partners, benefiting from the bank’s strong portfolio of Shariah-compliant innovated products that serve the real estate sector’s development, particularly the multipurpose commercial projects that combine hospitality, retail and service facilities.

Source: Arab News