Home Industry Finance Saudi’s ROSHN secures $2.4bn syndicated loan to drive growth The credit facility is expected to provide ROSHN with the financial flexibility needed to pursue new opportunities and strengthen its position by Gulf Business October 1, 2024 Image: Getty Images Saudi real estate developer and PIF subsidiary ROSHN Group has secured a significant funding boost with a SAR9bn ($2.4bn) syndicated credit facility. The unsecured revolving credit facility will be used to support the group’s growth and expansion plans over the next five years. A consortium of leading Saudi banks, including Saudi National Bank, Arab National Bank, Riyad Bank, Bank Al Bilad, Alinma Bank, and Saudi Awwal Bank, participated in the facility. Riyad Bank served as the documentation and agent bank. Loan to help ROSHN bolster growth and project development The funding will enable ROSHN to accelerate its development strategy and contribute to the kingdom’s Vision 2030 goals. Avinash Pangarkar, group chief finance officer at ROSHN, expressed his satisfaction with the transaction, stating, “This syndicated credit facility is a testament to the market’s confidence in the group and the Saudi real estate market. “Our banking partners are enthusiastic about our progress in developing projects across the kingdom. We will utilise these funds to drive our growth and expansion plans.” The credit facility is expected to provide the group with the financial flexibility needed to pursue new opportunities and strengthen its position as a leading real estate developer in Saudi Arabia. Tags finance Real Estate ROSHN Group Saudi Arabia You might also like Saudi Arabia expects deficit of 2.9% of GDP in 2024 RAKBANK, Magnati launch new merchant financing platform ACWA Power, Badeel, SAPCO report financial close on key solar PV projects Saudi Arabia’s Diriyah agrees deals worth $1bn with European firms