JEDDAH, 31 January — The Housing Development Finance Corporation, India's largest housing financing agency, has signed a memorandum of understanding with the Saudi firm Technobuild to act as its representative in the Western region.
HDFC-Technobuild's Jeddah office will extend financial support services to Indian nationals working in the region to meet their housing requirements back in India, said its manager Arshad Khanooni.
The MoU was signed here on Sunday in the presence of Meki Mistry, managing director of HDFC, and Thomas Cherian, manager of HDFC's Middle East office in Dubai.
A statement released here yesterday said HDFC-Technobuild was also planning to send its officials on visits to Makkah, Madinah, Taif, Yanbu, Abha, Najran, Jizan, Khamis Mushayt and Tabuk to process loan applications from Indian national working in these cities and nearby areas. The dates and venues of the visits will be announced in advance, it added.
The statement said that HDFC and Technobuild had conducted a joint survey across Saudi Arabia to understand the housing and finance related requirements of Indian workers. The decision to open representative offices in major Saudi cities was taken based on the tremendous response received during the survey.
HDFC launched its operations in the Kingdom at with the opening of its representative office in Alkhobar on Sunday evening.
