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SABB signs a financing agreement with Nesma & Partners for The Avenues-Riyadh

February 2022

The Saudi British Bank (SABB) has signed a financing agreement with Nesma & Partners Contracting Company Ltd. for the construction of The Avenues-Riyadh mall owned by Shumoul Holding, one of the region's major tourism and entertainment projects.

The agreement was signed at Nesma's head office in Al-Khobar by Mr. Yasser Al-Furaih, General Manager of Large Corporates at SABB and Mr. Samer Abdul Samad, CEO of Nesma & Partners, in the presence of Mr. Majid Najm, Deputy Managing Director of Corporate and Institutional Banking at SABB, and Mr. Rami Al-Truki, Vice President at Nesma & Partners, along with a number of senior officials from both parties.

Under the terms of the agreement, SABB will provide Nesma & Partners for three and a half years to support the cash flow for the construction of the Avenues-Riyadh mall, which will be located at the intersection of King Fahd Road and King Salman Road in Riyadh. The project’s overall size is 390,000 square meters at a cost of SAR 6.4 billion, and it will include more than 1,300 businesses and stores.

"This agreement aligns with the bank's strategy of supporting the Kingdom’s development and achieving Vision 2030 goals," stated Mr. Najm, 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. "

"By signing this agreement today, Nesma & Partners demonstrates the significance of its strategic partnership with SABB, which is the outcome of the two parties' combined effort to bring the vision to reality," Mr. Albdul Samad added. With this collaboration, one of Riyadh's landmarks will be built, which will be truly transformative not just at the kingdom level, but also at the regional level, with all of its distinctive components aligned with Vision 2030.

"We are always committed to establishing excellence," Mr. Al-Turki said, "as this deal with SABB is a collaboration that enables business and boosts the company's cash flow to construct a project that will be one of the most significant investments and commercial brands in the Middle East." The Avenues Project will include hotel towers and a commercial complex, and Nesma & Partners will employ cutting-edge construction technology to create a tourist and commercial icon in Riyadh, designed with an engineering dimension for a unique project that contributes to the expansion of commercial services in the Riyadh region.”