RIYADH: The real estate finance market of in Saudi Arabia will hit around SR8 billion by end of the current year and around SR48 billion by end of 2013, banking sources said. Against this backdrop, Aljazira (BAJ) aims to increase its share from around 20% it recorded during the last two years. Nabil Alhoshan, BAJ's CEO, said "BAJ has been focusing on real estate finance products and a consolidated specialized team was formed in order to position the bank for a leading position in this market. He said the bank has the necessary technology and facilities – "through quick service and prompt execution of its diversified offerings that would accommodate consumers' housing and investment needs" to satisfy consumer requirements such as housing and investment needs. "We in BAJ believe that our real estate finance product is unique in the Saudi market and we intend to offer new programs so as to reinforce the investment culture. In other words, instead of spending the loan on traveling or other consumables, the client would utilize such loan in securing a house for himself and his family or investing in a real estate that will supply him with fruitful revenues – benefiting from the expertise of our bank's real estate team and market promising opportunities," Alhoshan noted. He added that the bank offers real estate financing up to SR20 million for a period of 15 years "with a fixed or changeable competitive profit margin throughout the finance period at the choice of client. The product is mainly based on the revenues of the real estate itself without the need for the client's other revenues for settlement purposes." BAJ has also adopted a well-structured strategy to diversify its Shari'ah-compliant offerings with a special focus on retail services and products. BAJ has now 50 branches in less than one and a half years which focused on retail-oriented products and services such as Baiti Real Estate Finance Program.
