Bidaya secures $65m funding from Saudi National Bank

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Saudi Arabia – Bidaya Home Finance, a leading Saudi digital property finance company, has secured a new 15-year long-term structured facility with the Saudi National Bank (SNB).

The new financing will significantly strengthen the company’s balance sheet, reduce funding costs and increase flexibility – allowing Bidaya to execute its long-term strategy and strengthen its market leadership position in the years to come, according to a company statement.

It will be for 15 years and will mainly aim to finance long-term mortgage loans initiated by Bidaya, he said.

Acting CEO Engineer Faisal Al Nasser said, “We are very pleased to have reached this important milestone of being the first in the industry to secure a long-term facility matching our long-term assets (mortgages ). This funding is substantial recognition of both Bidaya’s position in the industry, as well as our strong track record. »

A major player in Saudi Arabia, Bidaya’s main objective is to enable customers to become owners by offering simple financing solutions via our innovative digital platform. This makes it a key contributor to achieving Saudi Vision 2030, he added.

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