RIYADH, 3 June 2007 — The National Commercial Bank (NCB) recently signed a six-year Islamic financing agreement with the Arab Centers Group, a subsidiary of the Fawaz Hokair Group with a holding worth SR600 million, to establish Hofuf Commercial Center and Azizia Commercial Complex in Makkah, as well as the expansion project of Dhahran Commercial Center.
Amin Al-Afifi, NCB head of corporate banking sector, signing the contract with Hokair Group chairman Fawaz Hokair, said the bank, a pioneer in the field of Islamic securities, is proud to sign such agreement with a leading group.
The amount exceeded SR2 billion using developed Islamic products.
Ahmed Bajunaid, IBG chief corporate banker at the NCB, said the bank’s Islamic corporate finance services were constantly evolving to keep up with the pace of clients’ requirements. “There was a need to invent new products to meet their expectations. These are the main pillars NCB is seeking to achieve… which affirms its leadership in this area over the past several years,” he added. Fawaz Hokair praised the strong relationship between the bank and his group, saying that the present agreement is part of an ambitious expansion plan in the real estate sector which includes all kinds of five-star hotels, office towers and shopping complexes.
NCB and Hokair Group’s new agreement was signed at the group’s headquarters in Riyadh.
NCB financing covers industrial and retail sectors aside from construction, building materials and car purchase.