Bidaya closes successful portfolio sale transaction

Bidaya CEO Mazin Al-Ghunaim
Updated 10 July 2018
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Bidaya closes successful portfolio sale transaction

Bidaya Home Finance has successfully closed its inaugural Ijara Portfolio sale transaction. The portfolio was sold to the Saudi Real Estate Refinance Company (SRC) on June 28.

In line with the company’s business model of originating, holding, selling and servicing mortgages, Bidaya plans to undertake a series of such transactions in collaboration with SRC over the coming years.

“This is an important milestone for Bidaya as it demonstrates the company’s ability to complete the mortgage financing business cycle as per our business model,” said Bidaya CEO Mazin Al-Ghunaim. “We are thankful to SRC for supporting Bidaya in its mission to enable housing for all Saudi citizens in line with the Kingdom’s Vision 2030, and we look forward to a long-term working relationship with SRC for the growth of the mortgage finance market in Saudi Arabia.”

“The portfolio sale transaction marks the strengthening of our partnership with Bidaya and is aligned with our mission to increase liquidity in the Kingdom’s mortgage market so that more Saudi citizens can own their homes,” said Fabrice Susini, SRC’s chief executive. “Our combined efforts with Bidaya and other government and private sector organizations will contribute to the realization of Vision 2030’s housing goals, one of which is to increase home ownership to 52 percent by 2020.”


Majid Al-Futtaim gets exclusive naming rights

Khaled Al-Ajmi, country head of Majid Al-Futtaim — properties, accepted the award presented by Prince Faisal bin Bandar bin Abdulaziz.
Updated 22 min 5 sec ago
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Majid Al-Futtaim gets exclusive naming rights

Majid Al-Futtaim, a shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has been awarded exclusive naming rights of the Riyadh Metro Station located close to its upcoming mall, City Centre Ishbiliyah. The station will be called City Centre Ishbiliyah Metro Station.

Khaled Al-Ajmi, the country head of Majid Al-Futtaim — properties, accepted the award, which was presented by Prince Faisal bin Bandar bin Abdulaziz, high commissioner for the development of Riyadh and chairman of the committee responsible for the Riyadh Public Transport Network, at an awards ceremony held at the Cultural Palace, Riyadh, on Nov. 14. 

“We are proud to have been awarded the naming rights to the City Centre Ishbiliyah Metro Station in partnership with the Riyadh Development Authority and Riyadh Metro and fully support their objective of creating world-class sustainable and innovative urban developments. City Centre Ishbiliyah is planned to be a LEED Gold-certified shopping mall for excellence in energy and design, which is a testament to the importance we place on sustainability in all the group’s projects,” Al-Ajmi said. 

“We would like to extend our group’s gratitude to Prince Faisal bin Bandar bin Abdulaziz for his vision and leadership in building world-class transportation infrastructure designed to improve the lives of Riyadh’s residents. This project further reflects the partnership and collaborative efforts of the UAE and the Kingdom of Saudi Arabia,” he added.