Bidaya Home Finance, Saudi Arabia’s leading non-bank provider of real estate financing products, has announced the launch of a new portfolio of financing solutions tailored exclusively for corporate customers. Following the company’s groundbreaking work in consumer digital real estate financing, the introduction of corporate products marks the beginning of a new chapter for Bidaya.
Owing to the Kingdom’s leadership’s Vision 2030, the real estate sector is experiencing tremendous growth across Saudi Arabia. According to Knight Frank, more than 555,000 additional residential units, over 275,000 hotel rooms, more than 4.3 million square meters of retail space, and over 6.1 million square meters of new office space are expected by 2030. These figures translate into significant investment potential, and Bidaya’s next-generation digital financing solutions for businesses make it simpler than ever to secure the funding they need. This prompted Bidaya to introduce corporate products to be a supportive arm for investors in this rapidly growing sector.
Launching with three distinctive programs, Bidaya’s corporate offerings consist of:
•Purchase of Residential and Commercial Land Financing: Available under Murabaha or Ijara contract types, this financing option is perfect for companies seeking to purchase into constructing commercial or residential buildings for commercial purposes, or their own operational needs.
•Construction (Development or Completion) of Real Estate Project Financing: Available under Commodity Murabaha or Ijara and Istisna contract types, this program is ideal for businesses who already own land and want to build a commercial real estate project. It is also suitable for companies that want to develop facilities for operating purposes.
•Buy-and-Lease-Back Financing: Available under the Ijara contract type, this financing solution is intended for companies that own income-generating investment properties and seeks to sell them to Bidaya and rent them to acquire finance for other commercial purposes, such as investments, expansion, etc.
Mahmoud bin Saleem Dahdoli, CEO of Bidaya, said: “Having established the benchmark for digital real estate financing for consumers, the introduction of Bidaya’s new line of corporate real estate financing solutions is a pivotal moment for the company. We are proud to empower the growth opportunities for Saudi businesses, strengthening our contribution to the realization of the ambitious Vision 2030.”
The complete range of corporate products is based on Bidaya’s innovative digital platform, which streamlines the entire journey from application to approval and has already simplified financing for tens of thousands of Saudis. Bidaya’s digital platform is characterized by the highest levels of protection, confidentiality and conformity to the best quality standards and is compatible with cybersecurity instructions under the supervision and control of the Saudi Central Bank.
