Saudi-based developer and property manager Al Khozama Management Company announced it signed a substantial funding agreement over SAR 1.3 bn with the National Commercial Bank (NCB) to finance future projects, according to a press release published by Zawya on Wednesday.

Al Khozama is a luxury hospitality firm managing eight hotels, 35,000 square meters of retail space and 50,000 square meters of office space, including Al Faisaliah Tower in Riyadh. The NCB, a frontrunner in Islamic banking, is mostly owned by the Saudi government. In 2014, NCB announced it would turn itself into a fully Shariah-compliant company.