RIYADH: The Diriyah Gate Development Authority signed a memorandum of understanding and purchase agreement for residential units with the Saudi British Bank to strengthen cooperation in banking services, the Saudi Press Agency reported on Thursday
The MoU was signed by DGDA Group CEO Jerry Inzerillo and SABB CEO Tony Cripps.
Under the agreement, the two will explore the possibility of SAAB providing financial investment products to DGDA commensurate with the cash flows of each of its projects.
Inzerillo emphasized the importance of collaboration between the two parties, citing how SAAB’s e-commerce products help the DGDA increase administrative efficiency.
He went on to say that the authority is looking forward to partnering with the bank to support its operations through documentary credits for export and import, letters of guarantee, and cash management solutions.
The bank will also provide development consultations for investment opportunities, as well as a full range of banking services at competitive prices to the DGDA and its employee
Cripps expressed his delight at the signing of MoU, which states that SABB and the DGDA will discuss the provision of an escrow account with an advanced reporting system that will allow the authority to make clear assessments of its project.
