Fawaz Al-Hokair Group Signed a Loan Agreement with Samba Worth SR 165 million to Finance Construction of Alnoor Mall in Al-Madinah Al-Monawarah
Fawaz Al-Hokair Real Estate Company entered into a loan agreement with Samba worth SR 165 million to finance Alnoor Mall, which the Company intends to build and manage in Al-Madinah Al-Monawarah. The Agreement was signed by Mr. Eisa M. Al Eisa, Samba Managing Director and CEO, and Mr. Fawaz A. Al-Hokair, Chairman of Fawaz Al-Hokair Group.
Commented on the event, Mr. Fawaz Al-Hokair said "this Agreement is part of the Group's efforts to finance its project in different financing Islamic Compliant schemes. The Company complies with the international standards that satisfy the financing institution requirements and gaining their confidence" Mr. Al-Hokair extended deep thanks and gratitude to Samba as the pioneer institution in financing mega projects along with providing its clients with world-class solutions , not only satisfying their needs, but also exceeding their expectations.
"The objective of this financing deal is to construct Alnoor Mall, a mega project and the largest and latest in Madinah Area, containing shops and recreational facilities" said Al-Hokair.
On the other side, Mr. Al Eisa said "I am so pleased to sign this Agreement, which reinforces Samba's position as a prominent Financial Institution in the Kingdom providing world-class financial solutions not only to satisfy the clients' needs, but also to exceed their expectations and act as a partner to supports projects that add value to the national economy through continuous enrichment of expertise and financial advice.
Commenting on Samba's vital role in financing production projects and rendering support to private sector entities, Al Eisa said" a fundamental principle to Samba is to assume its leading role as a national institution making its best endeavors toward development of the Kingdom's economy through balancing the equation of customer satisfaction and shareholders interests. Hence, we have conducted a detailed financial assessment for Alnoor Mall in light of the flourishing and significantly developing real estate segment" Further, Al Eisa emphasized Samba's willingness to financially support any investment entity of a clear vision to uplift its investment segment and add value to the economy.
Fawaz Al-Hokair Real Estate Company is a premier and rapidly developing Saudi firm. It manages currently 6 mega malls and plans to construct and manage two more in the next year. Further, the Group manages several diverse investments and franchises a number of renowned trademarks in fast food, coffee Shops, and ready-made clothes. In 2004, the company opened its first hypermarket, Saudi Geant, the largest hypermarket in Saudi Arabia, which realized remarkable success prompting the Group to open some other hypermarket within a record time. The Company manages also a Chinese car dealership (Sherry) which is introduced to the market recently to boost the Group's investment diversification. The Group also has some more unique investment initiatives which are in the pipeline and will be launched in the near future.