Capitas Signs Agreement with Bidaya Home Finance Company
Capitas Group International is proud to announce that it has entered into a Technical Services Agreement ("TSA") with Bidaya Home Finance Company, a newly established mortgage company to be licensed under SAMA regulations. Under the TSA, Capitas will extend management advisory support across an array of Bidaya's mortgage platform functions. Capitas has played an integral technical support function for the company and its sponsors since its inception. The current mandate is a continuation of Capitas' pre-establishment work over the past several years, and will be focused on preparing Bidaya and its management team for launch readiness.
Capitas is a Jeddah-based management firm established to build, launch and manage specialized real estate and finance platforms in the OIC. Founded in 2009 as a joint venture between the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDBG), and Capitas Group, LLC, a NY-based management company, the company has since been engaged by governments and leading private sector institutions to establish and oversee platforms and projects worth in excess of SAR 10 billion.
Bidaya Home Finance Company is a Saudi Arabia closed joint stock company established to provide home financing to retail consumers across all major markets in the Kingdom of Saudi Arabia. Sponsored by ICD and the Public Investment Fund (PIF), Bidaya has a paid-up capital of SAR 900,000,000 and includes such prominent shareholders as The Arab Investment Company (TAIC), Al Othaim Holding, Rashed Al Rashed Group, MY Naghi Group, El Kherieji Group, Deghaither Group, and Manafea Holding.