Al Rajhi Bank one the leading real estate financing institutions in the Kingdom of Saudi Arabia took part in Cityscape Saudi Arabia 2009 which specializes in real estate development and financing. The three day event ran from June 14-16 at the Jeddah International Exhibitions Center under the patronage of HRH Prince Mish’al bin Majed bin Abdulaziz Governor of Jeddah. The Bank presented a series of real estate financing packages which are unique to the Bank with very attractive features.
Cityscape Saudi Arabia is one of the most renowned events to showcase the various real estate development projects providing a very important connection between investors, real estate developers from various part of the world. The event brings together under one roof key regional and international investments as well as real estate developers, Government development authorities, architects, designers, consultants, senior advisors and various decision makers relevant to the industry from the various private and public sectors. In a total exhibition area of 10,000 sqm, more than 100 companies are scheduled to promote their products and services to more than 5,000 expected visitors.
Al Rajhi Bank’s participation comes in line with the Bank’s strategy to develop the real estate development and financial sector in the Kingdom of Saudi Arabia and fulfill its national role in providing real estate financing solutions to meet the various needs of the citizens. This is in addition to support the Bank’s marketing strategy to take part in various specialized events to showcase its various integrated real estate products and services.
In preparation for the event, the Bank set up a large and striking pavilion to keep to keep its visitors abreast with the Bank’s latest produces and services showcasing its various financing, investment, and ownership programs. Al Rajhi Bank is considered the largest real estate financier in the Kingdom due to its robust customer base in addition to its innovative selection of Shari’a compliant programs. Add to that, the Bank’s diverse financing options that are designed to provide both convenience and transparency.
At Cityscape the Bank focused on creating awareness on its “Real Estate Key” program which is especially designed for real estate developers to assist them in promoting their projects to customers looking for real estate financing and ownership. This service consists of a marketing agreement between the developer and Al Rajhi Bank where the bank assesses the project and gives an identification number. The program is easy to use ensuring speedy financing procedures where customers only have to present their documents only.
Key financing programs at Cityscape include purchasing land using Murabaha over a 15 year period, purchasing a villa or an appointment using Musharaka or Ijara over at 25 year period and a 10% Musharaka, building a home using Istisna’a over a 15 year period and a 5% fee, and purchasing real estate for investment purposes using Eirad over a 10 year period.