RIYADH – In line with the government's initiative to facilitate home ownership for citizens, Ewaan Global Residential Company has signed an agreement with Saudi British Bank (SABB) providing Shariah-compliant home financing solution to customers wishing to buy their own home in Ewaan's Alfareeda residential project. Fahad Al-Mutawae, CEO of Ewaan Global Residential Company, developers of the Alfareeda residential project, said “we are especially pleased that the Saudi British Bank has agreed to make home financing available for Alfareeda customers, which reflects SABB's confidence in the project as a wise long term investment in a real estate property in the upcoming district of New Jeddah to the north of the city.” Moreover, “we are developing Alfareeda residential project specifically with middle class citizens in mind and our financing arrangement with Saudi British Bank offers a variety of flexible options that are ideally suited to this particular segment of the population. Infrastructure work in phase one of the project is nearing completion and the show villas are already open for viewing on site, so now is the time to for prospective buyers to choose their home of the future in this high quality development at the heart of New Jeddah.” Ahmed Alsudais, Head of Branches and Sales at SABB, said: “Our Manazel home financing program is a ground breaking initiative that fully supports the government's desire to enable Saudi citizens to buy their own homes and we are very pleased to be offering it in cooperation with such a distinguished enterprise as Ewaan's Alfareeda residential project.” SABB's fully Shariah-compliant Manazel Home finance program allows amounts up to SR5 million and repayment periods stretch from 1 year to 25 years and with profit rates starting at as low as 2.79 percent. In addition to flexible terms, SABB's Manazel home financing contracts for Alfareeda residential units offer several added value benefits including a free SABB credit card without administrative fees for the first year, 25 percent discount on Al Zamil Air Conditioners, 25 percent discount on Al Mutlaq Furniture and 15 percent discount on Al Tayseer kitchens. Valued at over SR1.2 billion, Alfareeda residential project occupies one million square meters of land and includes more than 2,000 residential units. A small city in its own right, the project is fully equipped with an advanced infrastructure and service facilities including a state of the art telecommunications network, electricity lines, water, sewage and drainage pipes, and rain bypass tanks. A well-planned road network is designed to avoid traffic congestion. – SG
