Bank Albilad and Off-plan Sales or Rent Committee "Wafi" at the Ministry of Municipal and Rural Affairs signed a joint cooperation agreement  being the first in a number of agreements to finance all beneficiaries of off-plan sales projects, whether they are developers, landowners, investors or buyers, in support of the targets of the housing program and the objectives of the real estate sector strategy and development of the offer in line with the objectives of the Vision of the Kingdom of Saudi Arabia 2030.

The head of the Off-plan Sales or Rent Committee "Wafi", Mr. Abdulaziz bin Muhammad Al-Muhaimid, confirmed that this agreement came to enhance investments in the real estate sector by enabling the financing of real estate developers to establish the entire project to spend on construction, administrative and marketing costs, in addition to appropriate financial solutions to raise sales in the project and provide financing with competitive benefits to buyers and investors.

Al-Muhaimid added that the mechanism of the agreement with Bank Albilad depends on the project being fully financed and the developer’s capital being financed, which reduces the risks of incomplete project or default of the real estate developer due to insufficient funds obtained from the sales operations in the project, while taking appropriate guarantees without marginalizing the land deed, including mortgaging the project land in favor of the financier with its commitment of conveyance to the buyer upon completion of the financing in order to ensure the facilitation of the financing process and the preservation of the rights of all related parties in accordance with the payments schedule, completion rates and governance of exchange documents, in addition to effective engineering control at all stages of the project.

On his part, Mr. Jameel Al-Hamdan, Executive Vice President of Corporate Banking, stated that this agreement is within the framework of Bank Albilad’s contribution to support the real estate sector in the Kingdom through its ambitious Vision 2030 and a continuation of the important role played by Bank Albilad in meeting the diverse real estate needs of citizens.

Through this, "Wafi" seeks to create a stimulating real estate environment within which the private sector works effectively, by signing a series of agreements and alliances regulating the real estate market in a way that consolidates the bonds of trust, credibility and transparency between the parties of the equation in the real estate market and in a framework that achieves compatibility of interests and protection of rights and keep pace with emerging challenges and opportunities.

Bank Albilad provides its services to all customers through a wide network of branches spread all over the Kingdom, which are more than 149 branches, in addition to five auto-sales centers in “Riyadh, Jeddah, Dhahran, Jubail and Al-Kharj” that work till nine pm. Moreover, Bank Albilad provides services of money transfer and foreign currency exchange through its remittance arm Enjaz via more than 180 centers all over the Kingdom, including Enjaz centers at King Khalid Airport in Riyadh that work around the clock (International Departure Hall No. 1 - International Departure Hall No. 2 - International Arrival Hall No. 2) as well as many Enjaz Self Service Machines that exceed 80 machines and ATMs that exceed 850 ATMs. In addition to the latest integrated e-services around the clock that include "Albilad Net www.bankalbilad.com" and Albilad application for smart phones. Bank Albilad provides communication service to its customers around the clock through Albilad Whatsapp Application: 966920001002+, Albilad phone: 920001002 and a toll-free number from inside the Kingdom: 8001230000 for general inquiries and notes or through social media channels @Bankalbilad /@Enjazalbilad through the platforms of “Twitter”, “Facebook”, “Instagram”, “Linkedin” and “Snapchat” applications.