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$152.7m contract signed for 400 houses in Riyadh.

An agreement has been signed with the National Commercial Bank (NCB) in Riyadh to build 400 houses at a cost of $152.7m in the north and west of the capital.

The project-financing contract was signed by the National Commercial Bank, IBAR Development and Maskan Arabia, A project developer. A three-year development contract was also signed by Blominvest Saudi Arabia and Maskan Arabia.

Sd Azhari, vice-chairman of Blominvest Saudi Arabia, said it had arranged a real-estate loan of $77.3m for IBAR Development from NCB to build the project's residential villa component within three years.

Yasir Abusulayman, vice-president and head of NCB's corporate structured unit, said the funding comes in the wake of the increased demand for housing to meet public demand.


It was also "driven by the bank's vision to support the real-estate sector, which is a crucial part of the Kingdom's development, second in importance only after the oil sector."

Abdulaziz Alsaghyir, chairman of IBAR Development, said: "The real-estate market has an annual demand for around 200,000 housing units and an expectation of 8% to10% growth in real-estate investment in the coming period."

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Publication:Construction Week
Geographic Code:7SAUD
Date:Feb 9, 2012
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