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PIF-backed Roshn raises $2.4bn for expansion

By Pramod Kumar
A rendering of the 47,000-seat stadium by Roshn and Aramco in Khobar. Roshn's credit facility has been provided by six Tadawul-listed lenders SPA
A rendering of the 47,000-seat stadium by Roshn and Aramco in Khobar. Roshn's credit facility has been provided by six Tadawul-listed lenders

Saudi Arabian giga-project developer Roshn has secured a new SAR9 billion ($2.4 billion) credit facility from a consortium of locally-listed banks.

The loan will support the developer’s expansion and growth plans over the next five years, state-run Saudi Press Agency reported.

“We intend to use these funds to further advance our ambitious strategy in the coming years,” said chief financial officer Avinash Pangarkar.

The loan was provided by a consortium of banks – Saudi National Bank, Arab National Bank, Riyad Bank, Bank Albilad, Alinma Bank, and Saudi Awwal Bank.

In April, Roshn announced the construction of its first residential community, Almanar, in Mecca, catering to middle-income Saudis. 

The PIF-owned giga-project is mandated to help push ownership among Saudi nationals to 70 percent by 2030, one of the key goals under Vision 2030. Home ownership was put at 61 percent by the end of 2022 in the last official census. 

Other projects in Roshn’s portfolio include Marafy and Alarous in Jeddah, Sedra and Warefa in Riyadh, and Alfulwa in Hofuf. 

Last month, rating agency S&P said that Saudi Arabia is expected to see a pickup in construction for its Vision 2030 projects and the services sector, driven by rising consumer demand and a growing workforce.

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