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Alinma Bank and King Abdullah Economic City SignReal Estate Financing Agreement

Alinma Bank and King Abdullah Economic City SignReal Estate Financing Agreement

5 Rajab 1433 H - 26 May 2012 G

Alinma Bank and King Abdullah Economic City (KAEC) have signed an agreement whereby Alinma Bankwill become the first Saudi bank to finance the purchase of real estate units (apartments,villas and land) in the King Abdullah Economic City.This will be executed by Alinma using the bank’s various real estate financing products, which provide flexibility and full Shariah-compliance for bank partners (clients).

The agreement was signed by Mr.Abdulmohsen Al-Fares, CEO of Alinma Bank, and Mr. Fahd Al-Rasheed, Managing Director and CEO of King Abdullah Economic City,in the presence of number of high-level executives from both parties.

Speaking after the signing ceremony, Mr.Al-Fares said that the agreement came in line with the bank’s interest in real estate development projects and its desire to provide strategically appropriate financing programs in this vital sector.Al-Fares further noted that the strategic cooperation between Alinma and King Abdullah Economic Citywould facilitate Shariah-compliant financing for partners seeking simplified, transparent solutions to their real estate needs.Al-Fares also emphasized Alinma’s commitment to projects and business endeavors that benefit the Kingdom and its citizens.

Also speaking at the event, Mr. Al-Rasheed expressed his happiness with the signing of the agreement stressing the close, multi-faceted, cooperative, strategic nature of the relationship between King Abdullah Economic City and Alinma Bank, which has already begun to produce results. He further explained that the agreement would greatly facilitate home ownership and business development in KAEC and make it possible for thousands of new residents to establish their future lives and careers in an exciting 21st century environment. 

King Abdullah Economic Cityis one of the largest and most significant economic projects run by the private sector in the Middle East.The city is 168 million square meters of land to be developed into a fully integrated city.It consists of 6 main components: the seaport, the industrial valley, the education zone, the central business district, the residential area and the resorts.

Alinma Bank provides its retail and corporate financing services through a broadnetwork of more than 74 branches for men and women throughout the Kingdom. Alinma Bank also serves its partners via a full array of 24/7 electronic channels that include Alinma Internet (www.alinma.com), Alinma Phone(8001208000),Alinma Mobile, and a network of 460 ATMs kingdom-wide.

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