Saudi Arabia National Housing and Bank Albilad in $533 m deal for infrastructure

• The deal is part of the Saudi Vision 2030 to give more ownership of homes to Saudi families

•  CEO Bank Albilad Abdullah AlOnaizan  said the bank has assets of $26.66 billion

Saudi Arabia National Housing Company and Bank Albilad have teamed up to sign a SR 2 billion ($533 million) Murabaha financing scheme in order to finance the infrastructure works for projects in Al-Gwan suburb in Riyadh and Khayala suburb in Jeddah.

Bank Albilad has assets of SR100 billion ($26.66 billion) CEO Abdullah AlOnaizan was quoted by Arab News as telling CNBC Arabia on Wednesday. The bank has the capacity to deal with any major agreements, especially in real estate financing, he said.

The projects support the Saudi Vision 2030 goals to increase the percentage of Saudi families owning houses to 70 percent by the end of the decade. NHC is the investment arm of the Saudi Ministry of Municipal, Rural Affairs and Housing.