Saudi lender Riyad Bank said on Monday it would provide up to SR1.4 billion ($373 million) in financing for buyers into a property project partly led by Egypt's Talaat Moustafa Group. The bank signed an agreement on Sunday with Saudi-based property developer Thabat under which the lender will design Islamic-compliant packages for buyers into a project worth SR6 billion in Riyadh. Thabat is a joint venture between Talaat and Saudi real estate firm Al-Oula. “Any buyer into the project has the right to get a loan from any bank of its choosing or buy in cash,” a bank spokesman said. “But Riyad Bank wants to get SR1.4 billion in financing for these purchases. This does not mean we are monopolizing the financing.”
