Saudi: Ataa Educational renews $136.06mln loan from SAIB

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The facility agreement is secured by a promissory note with the value of the facilities in favour of the bank, according to a bourse disclosure

Staff Writer, Mubasher

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Ataa Educational Company extended its Sharia-compliant facility deal with The Saudi Investment Bank (SAIB) at SAR 510.46 million on 9 September 2024.

The facility agreement is secured by a promissory note with the value of the facilities in favour of the bank, according to a bourse disclosure.

The company will use the funding for acquiring and building educational complexes and supporting working capital.

Ataa Educational recorded net profits valued at SAR 63.37 million as of 31 July 2024, down 6.51% year-on-year (YoY) from SAR 67.78 million.

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