Bank Albilad has signed an agreement with Waad Holding Company to finance the construction of the company’s academy schools project in Jeddah city.

The SR150 million project represents one of largest deals in the sector. The agreement was signed by Saleh bin Suleiman Alhabeeb, the bank’s director general of banking for corporate sector, and Ahmed bin Hassan Aljazaeiri, CEO of Waad Holding Company, owner of Waad Academy Schools.

Alhabeeb said in a statement: “This agreement has been entered into between the two parties at a time when the education sector is witnessing a remarkable development and significant efforts are aimed at raising the level of education in accordance with the latest global scientific standards, both in the public and private sectors, where Waad takes pride in contributing to the latter.”

“Our choice to finance the project was based on the merit of the economic opportunities, the possibilities of success in the future and the compatibility with the bank’s funding policies. In Bank Albilad, we are assiduous to contribute to development projects financing, where the educational projects come on top of our list, being aimed at developing the educational process in the Kingdom of Saudi Arabia. We always seek to establish our position as a successful financial institute that carries its responsibility toward the country, offering innovative banking products and services.”

Aljazaeiri said: “We have the pleasure to cooperate with Bank Albilad, the leading banking institute and the strategic key partner of our company for the future development plans and building of Waad Holding’s Academy Schools, which is deemed as the most modern and the largest in the Kingdom and the Middle East. This effort complements our support to the educational renaissance in the Kingdom, which extended over 25 years through Alzikr schools in Jeddah and Dar Alzikr in Jeddah and Rabigh."