Saudi British Bank has inked a $690M financing agreement with Nesma & Partners Contracting Company for Avenues-Riyadh Mall.
The terms of the agreement stipulate that SABB (Saudi British Bank) will provide Nesma & Partners with project financing for three and a half years to support the cash flow for the construction of the mall, which will be located at the intersection of King Fahd Road and King Salman Road in Riyadh.
The project is owned by Shumoul Holding and spans an overall area of 390,000sq m at a cost SR 6.4bn. Avenues-Riyadh Mall will bring together more than 1,300 stores, hotel towers and a commercial complex.
“This agreement aligns with the bank’s strategy of supporting the kingdom’s development and achieving Vision 2030 goals,” said Majid Najm, Deputy Managing Director of Corporate and Institutional Banking at SABB.
“The Avenues-Riyadh project is one of the most promising in the commercial, tourist, and entertainment sectors. We are delighted to collaborate with Nesma & Partners in providing the necessary financing solution to build this outstanding project,” Najm added.
