Saudi’s First Avenue Secures $84M Loan from Bank Aljazira for Growth

Riyadh, Saudi Arabia – October 1, 2025: First Avenue for Real Estate Development Company has secured a USD 84 million (SAR 315 million) Shariah-compliant financing facility from Bank Aljazira to accelerate the implementation of its real estate projects and support new acquisitions. The agreement, signed on 29 September, marks an important milestone in the company’s expansion strategy within Saudi Arabia’s rapidly evolving property market.

Six-Year Facility to Support Expansion

The financing facility, structured over a six-year term, is supported by promissory notes, a mortgage on the project land, and an assignment of project proceeds to the bank, according to a bourse filing. This structure ensures both transparency and financial security for the lender while providing First Avenue with the capital required to pursue large-scale developments and acquisitions.

The new funding will strengthen the company’s ability to deliver projects that align with Saudi Arabia’s Vision 2030, which emphasizes sustainable urban growth, real estate diversification, and economic transformation.

Recent Financing Activities

This transaction follows another major financing move earlier this year. On 31 May, First Avenue renewed and increased its existing USD 85.3 million (SAR 320 million) facility with Alinma Bank, further enhancing its liquidity position.

Together, these financings underscore the company’s commitment to securing long-term capital to meet rising demand in Saudi Arabia’s property market, which continues to witness growth driven by large-scale development initiatives and population expansion.

Bank Aljazira’s Strong Performance

The financing comes on the back of Bank Aljazira’s solid performance in H1 2025. The bank reported a 20.24% year-on-year rise in net profits, posting USD 198.2 million (SAR 743.10 million) compared to USD 165 million (SAR 618 million) in the same period of 2024.

The bank’s strong results reinforce its role as a key financier of strategic projects across the Kingdom, particularly those in real estate and infrastructure that support long-term economic growth.

With demand for residential, commercial, and mixed-use developments on the rise, First Avenue’s latest loan facility positions it to capture new opportunities and expand its presence in Saudi Arabia’s dynamic real estate sector.

By securing partnerships with leading financial institutions such as Bank Aljazira and Alinma Bank, the company is well-placed to deliver projects that contribute to Saudi Arabia’s Vision 2030 goals, while meeting the needs of a growing population and advancing the Kingdom’s real estate investment landscape.