ROSHN Real Estate Co., a wholly-owned subsidiary of the Public Investment Fund (PIF), has nearly SAR 10 billion in its balance sheet to finance real estate projects, CEO David Grover told Asharq.
Although ROSHN has not yet withdrew the SAR 6 billion credit facilities secured from three local banks, it currently sits on sufficient cash.
ROSHN plans to use these facilities in the next three-nine months to start some projects, Grover said.
The company’s financial plan for real estate development is tuned to “make sure that we don’t have to slow down our journey at all if for any reason the funder wants to stop putting any cash into our business for two years.
Last January, ROSHN signed agreements with Saudi Awwal Bank (SAB), formerly Saudi British Bank, Bank Albilad and Al Rajhi Bank to secure SAR 6 billion to finance its working capital, Argaam reported
Source : Argaam