Business & Money | Monday 16 February, 2015 1:58 pm |

Bank Albilad has entered into agreement with Waad Holding Company to finance the construction of the company’s academy schools project in Jeddah city. Amounting to SR 150 million, the project represents one of largest deals in the sector. The agreement has been signed by Mr. Saleh bin Suleiman Alhabeeb, the bank’s Director General of Banking for Corporate Sector and Dr. Ahmed bin Hassan Aljazaeiri, the CEO of Waad Holding Company, owner of Waad Academy Schools.

In the occasion, Mr. Saleh bin Suleiman Alhabeeb, the bank’s Director General of Banking for Corporate Sector has delivered the following statement:” This agreement has been entered into between the two parties at a time in which the education sector is witnessing a remarkable development and significant efforts aiming at raising the level of education, according to the latest global scientific standards, both in the public and private sectors, where Waad takes pride in contributing to the latter.

Our choice to finance the project was based on the merit of the economic opportunities, the possibilities of success in the future and the compatibility with the bank’s funding policies. In Bank Albilad, we are assiduous to contribute to development projects financing, where the educational projects come on top of our list, being aimed at developing the educational process in the Kingdom of Saudi Arabia. We always seek to establish our position as a successful financial institute that carries its responsibility towards the country, offering innovative banking products and services that make us one of the trusted financial partners and key contributors to the national development process of our beloved country”.

He added: “We take pride in becoming the chosen banking partner of Waad Holding Company. This agreement embodies the features of the excellent strategic relationship that connect us with Waad and we are looking forward to support the company’s future endeavors and efforts”.
On his part, Dr. Ahmed bin Hassan Aljazaeiri, the CEO of Waad Holding Company, owner of Waad Academy Schools, has said:” We have the pleasure to cooperate with Bank Albilad, the leading banking institute and the strategic key partner of our company for the future development plans and building of Waad Holding’s Academy Schools, which is deemed as the most modern and the largest in the Kingdom and the Middle East. This effort complements our support to the educational renaissance in the Kingdom, which extended over 25 years through Alzikr schools in Jeddah and Dar Alzikr in Jeddah and Rabigh ".

Dr. Ahmed added: “The Waad Academy Schools are deemed as the most modern and the largest educational institute in the country in terms of styles, applicable educational programs and architectural designs. The schools’ area totals to 120,000 Sq. meters and the project has been designed and equipped with the latest technologies to match any technological and technical advances”.

It is worth to mention that Waad Academy Schools are one of Waad Holding Company branches and its headquarters locates in the northern part of Jeddah city. Waad Academy Schools are considered as promising, having world class curriculums that are the first of its kind in the Kingdom of Saudi Arabia and the Middle East. Adopting modern and integrated curriculum with the highest specifications and standards within a specialized educational program for students (boys and girls) ranging from grade 1 primary up to grade 3 secondary, the schools of the academy makes a leading center for the provision of quality education. The opening of the academy is scheduled to take place in the middle of the current 2015 year.