Al-Khabeer Merchant Finance Corporation, a leading provider of a full range of Shariah-compliant financial products and services in Saudi Arabia, has announced it recently signed an MoU with Jazan Development Co involving the allocation of SR400 million ($106.8 million) for real estate investments within Jazan Economic City.
Farouq Fouad Ghulam, Al-Khabeer’s executive partner and head of the Asset Management Division, and Sheikh Saleh Mohamed Bin Laden, the vice president of Saudi Bin Laden Group representing Jazan Co, formally signed the MoU. Jazan Economic City is a mixed-use social, economic and agro-industrial development located along the Red Sea, 60 km northwest of Jazan City, which is home to the Jazan port, Saudi Arabia’s  third most important port on the Red Sea. Jazan Economic City is expected to generate around 500,000 direct and indirect jobs and emerge as a vital hub in the Red Sea coastline.
Commented Farouq Ghulam: “Given today’s challenging economic times, we have become more selective of the property developments we fund. Jazan Economic City is a sound project which has the potential to become a major income generator for the kingdom, which is why we are pleased to be included in its realisation. The city is an excellent addition to our investment portfolio which will certainly contribute to further expansion of Saudi Arabia’s rapidly growing real estate market.”
Al-Khabeer is an Islamic financial and investment joint stock company licensed by the Capital Market Authority in Saudi Arabia. More than half of the company’s 65 specialists and professionals are Saudi nationals.