Alinma Bank Signs Housing MOU with Al Amriyyah Investment Company

Alinma Bank and Al Amriyyah Investment Company have signed a memorandum of understanding (MOU) designed to further address the ongoing need for affordable housing in the Saudi real estate market.  Through the MOU, prospective home owners will be able to avail themselves of appropriate financing from Al Amriyyah in accordance with financing terms provided by Alinma Bank.

The signing ceremony took place at Alinma Bank’s head office in Riyadh and was attended by Mr. Majid Bin Abdullah Al Hugail, the Minister of Housing, and Eng. Abdulaziz Bin Abdullah Al Zamil, Chairman of the Board of Directors of Alinma Bank. Also in attendance were executives and officials from both organizations, including Alinma’s CEO and Managing Director, Mr. Abdulmohsen Al-Fares and Mr. Bander Bin Mohammed Al Amry, the Chairman of the Board of Al Amriyyah Investment Company, both of whom signed the agreement on behalf of their respective organizations.  The project will be supervised by the Ministry of Housing and Economic Affairs.

Speaking on the occasion of the signing, Al-Fares praised the partnership and pointed to Alinma’s firm commitment Shariah-compliant financing in service of social needs. He further noted the bank’s desire to substantively contribute to the efforts and initiatives of Saudi Arabia’s Vision 2030 plan.

Also speaking about the MOU, Mr. Al Amry, expressed his pride in the level of trust that had been built between Al Amriyyah and the public and private sectors. He further noted that the MOU represented an ongoing partnership with Alinma and government institutions to support construction and housing development in the Kingdom.

Since its inception, Alinma Bank has been a consistent and prominent proponent of affordable housing in Saudi Arabia. It has been proactive in seeking out partnerships in both the private and public sectors toward that end.  It has cooperated with the Saudi Arabian Real Estate Development Fund on a number of initiatives, including both an accelerated financing program and REDF’s DAMIN program.  Both programs provide practical solutions to facilitate home ownership among citizens.