Arab Today, arab today sr36bn financing for jeddah economic city project
Last Updated : GMT 20:46:17
Arab Today, arab today
Arab Today, arab today

SR3.6bn financing for Jeddah Economic City Project

Arab Today, arab today

Arab Today, arab today SR3.6bn financing for Jeddah Economic City Project

Prince Alwaleed bin Talal with top executives of Alinma Bank and Jeddah Economic Company at the signing ceremony
Jeddah - Arab Today

Alinma Jeddah Economic City Fund has secured Shariah compliant financing of up to SR3.6 billion from Alinma Bank recently.
Formulating the financial model of the project with Alinma Bank was finalized based on a financing strategy that fulfills the project’s needs in accordance with the first business plan covering the first phase of the project which is expected to take five years.
The objective of the financing is to provide funding to build and develop the infrastructure for phase one of Jeddah Economic City project and to continue the construction of Jeddah Tower which has now reached its 37h floor, in addition to developing a number of primary real estate projects within the general Master Plan.
Jeddah Economic Company — the owner and developer of the Jeddah Economic City Project and Jeddah Tower in Obhur, North Jeddah, is the 100 percent owner of the Alinma Jeddah Economic City Fund’s units, which is a closed-end private, Capital Market Authority (CMA) approved, Shariah-compliant real-estate investment fund, established by the fund manager — Alinma Investment Company — with a value of SR8.4 billion.
Prince Alwaleed bin Talal, chairman of Jeddah Economic Company and chairman of Alinma Jeddah Economic City Fund Board, commented: “Securing the financing for this project from Alinma Bank is considered an important step forward for the project that guarantees its progress as per Jeddah Economic Company’s plan.”
He said: “Additionally, it expresses the financial sector’s trust in the real-estate market in Saudi Arabia in general as well as in the Jeddah Economic City Project and its development plans.”
The chairman said: “The Jeddah Economic City Project represents a new era in private sector real-estate development in Saudi Arabia and will contribute to the growth of the economic movement in Jeddah and to the Kingdom’s economy in general.”
On his part, Abdul-Mohsen Al-Faris, CEO of Alinma Bank, said: “We have formulated a financial model based on a financing strategy that fulfills the projects needs in accordance with its business plan.”
The CEO said: “Alinma Bank is keen to finance and support exceptional national projects in all business sectors in Saudi Arabia. Jeddah Economic City Project and Jeddah Tower for what this enormous project offers from financial incentives and investment products that are structured, modern, and Shariah compliant.”
Moreover, Saleh Abdullah Alhenaki, CEO of Alinma Investment, attended the signing ceremony.
Talal Al-Maiman, board member of Jeddah Economic Company, chairman/CEO of Kingdom Real Estate Development Company, said: “Although the complete financial planning for the project has taken almost two years, it has paid off to reach an advanced financial model that is Shariah-compliant and it takes into account the complexity of such project.”
He said: “The first phase is to build a modern, integrated city and the highest skyscraper in the world on our homeland, which will set an example to follow in upcoming real estate projects.”
Mounib Hammoud, CEO of Jeddah Economic Company, added: “With financing in place, we are now on our way to achieve our set goals and to complete building Jeddah Tower and the infrastructure of Jeddah Economic City as per the five-year plan developed by Jeddah Economic Company, especially since this advanced and highly complex investment deal is underway, and its results are evidence of the professionalism and cooperation of all involved parties in formulating the financing, most of all of Alinma Bank team.
The company’s slogan, “It’s Happening…”, has become a reality now in regards to the financing, building of the tower, and finalizing the procedures and legal approvals required to reach new horizons in real estate development and to establish an urban center by global standards and a unique modern lifestyle providing the city of Jeddah with a new integrated center for services that offers multiple uses and is attractive to all strata of society.”
Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sr36bn financing for jeddah economic city project Arab Today, arab today sr36bn financing for jeddah economic city project

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sr36bn financing for jeddah economic city project Arab Today, arab today sr36bn financing for jeddah economic city project

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Egypt tourism revival steady but slow

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 21:57 2017 Sunday ,17 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday