Riyadh – Mubasher: Roshn Group, a subsidiary of the Saudi Public Investment Fund (PIF), has secured a SAR 9 billion ($2.4 billion) syndicated credit facility, according to a press release.
The unsecured revolving credit facility holds a five-year duration period and is part of the group’s funding strategy to support its growth and expansion plans.
The Saudi National Bank (SNB), Arab National Bank (ANB), and Riyad Bank served as book runners and mandated lead arrangers.
Bank Albilad and Alinma Bank participated as lead arrangers, while Saudi Awwal Bank (SAB) acted as an arranger.
Avinash Pangarkar, Group Chief Finance Officer of Roshn, commented: “Our banking partners are excited by the progress we are making in developing our projects across the Kingdom as we look to support Vision 2030’s goals. ROSHN will draw on these funds over the coming years to push forward with our development strategy.”
Development Agreement with Retal
Retal Urban Development Company inked two agreements, on 1 October 2024, to purchase and develop residential lands with Roshn to establish residential units in Sedra residential neighbourhood in Riyadh.
The contract’s value stood at SAR 792.02 million, with 644 residential units expected to be developed.
Meanwhile, the joint deal holds a duration period of 36 months for the development of residential units along with the relevant infrastructure.
Retal highlighted that the agreement is expected to have a positive impact on its results during the project development works execution for the years, 2025, 2026, and 2027.
Last May, Building Construction Company Limited, a subsidiary of Retal, penned a SAR 2.89 billion project deal with Roshn.
