October 1, 2024, Riyadh, Saudi Arabia - ROSHN Group, a leading real estate developer in Saudi Arabia, announced today that it has acquired joint credit facilities amounting to SAR9 billion (approximately $2.4 billion) from a group of banks. This significant financing deal will provide ROSHN with revolving credit lines over the next five years to support its general corporate objectives, including expansion and growth plans.
The acquisition of these credit facilities is in line with ROSHN's financing strategy, which aims to provide the necessary resources to drive the company's growth and development. According to the release, the funding will be allocated to the group's general objectives, including expansion and growth, as well as other strategic initiatives.
ROSNH Group's Chief Financial Officer (CFO), Avinash Pangarkar, commented on the announcement, saying: "This significant financing reflects the market's confidence in ROSHN and the Kingdom's real estate sector. Our banking partners have recognized the progress we have made in delivering real estate projects across Saudi Arabia, and contributing to the goals of Vision 2030. We intend to use these funds to further advance our ambitious strategy in the coming years."
The credit facilities will enable ROSHN to continue its growth trajectory, drive innovation, and enhance its competitiveness in the Saudi Arabian real estate market. With this significant funding in place, the company is well-positioned to achieve its long-term goals and make a meaningful contribution to the Kingdom's economic development.