Saudi British Bank says it has inked financing agreement with Nesma & Partners Contracting Company
Saudi British Bank (SABB) has signed a SR2.6 billion ($690 million) financing agreement with Nesma & Partners Contracting Company for the construction of The Avenues-Riyadh shopping mall.
Under the terms of the agreement, SABB will provide Nesma & Partners with project financing for three and a half years to support the cash flow for the construction of the mall, which will be located at the intersection of King Fahd Road and King Salman Road in Riyadh.
Owned by Shumoul Holding, the project’s overall size is 390,000 sq m at a cost of SR6.4 billion and will include more than 1,300 stores.
“This agreement aligns with the bank’s strategy of supporting the kingdom’s development and achieving Vision 2030 goals,” said Majid Najm, deputy managing director of Corporate and Institutional Banking at SABB.
“The Avenues-Riyadh project is one of the most promising in the commercial, tourist, and entertainment sectors. We are delighted to collaborate with Nesma & Partners in providing the necessary financing solution to build this outstanding project.”
Samer Abdul Samad, CEO of Nesma & Partners, added: “With this collaboration, one of Riyadh’s landmarks will be built, which will be truly transformative not just at the kingdom level, but also at the regional level, with all of its distinctive components aligned with Vision 2030.”
The Avenues project will include hotel towers and a commercial complex.
