Shomoul Holding has announced signing a memorandum of understanding between its subsidiary Shomoul Trade Complex and the Ministry of Finance’s Projects Support Fund, a government initiative to stimulate the private sector, to fund part of The Avenues — Riyadh project, with an amount of SR500 million ($133 million).
Public-private partnerships such as this will help Saudi Arabia achieve Vision 2030 goals.
This MoU follows a separate agreement Shomoul signed with nine Saudi and Kuwaiti banks to complement the funding process of the project.
The MoU was signed by Mohammed Abdul Aziz Al-Shaya, chairman of Shomoul Holding, and Fahad Al-Saif, head of the Debt Management Office (DMO) and adviser to the minister of finance, in the presence of Mohammed Al-Jadaan, Saudi minister of finance; Shaikh Salman bin Khalifa Al-Khalifa, Bahrain’s finance and national economy minister; and Dr. Nayef Al-Hajraf, Kuwait’s minister of finance.
