PIF-owned Roshn secures $2.4bn to support expansion 

Saudi real estate developer Roshn Group has secured a credit facility worth 9 billion Saudi riyals ($2.4 billion) from a consortium of banks. 

The unsecured facility will be for a duration of five years to support the developer’s expansion and growth plans, it said in a statement. 

The loan was secured from a group of banks - Saudi National Bank, Arab National Bank, Riyad Bank, Bank Al Bilad, Alinma Bank & Saudi Awwal Bank. 

“Roshn will draw on these funds over the coming years to push forward with our development strategy,” said Avinash Pangarkar, chief financial officer. 

Roshn is developing projects in three Saudi regions, including its flagship Riyadh development Sedra. 

It plans to construct a new 45,000-seat stadium southwest of Riyadh and will partner with Saudi Aramco to build a 47,000-seat stadium in Khobar. Both venues are expected to be potential match locations for the FIFA World Cup 2034. 

In March, it announced its first integrated community in Makkah, located at the western gate of the holy city.