Saudi: Taiba Investments secures $40mln loan for project with stc’s unit

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Riyadh – Taiba Investments Company obtained a SAR 150 million ShariThe facility deal aligns with the company’s partnership agreement with Smart Zone Real Estate Company, wholly owned by Saudi Telecom Companya-compliant Murabaha financing from Bank Albilad on 29 July 2024, according to a bourse filing.

The facility deal aligns with the company’s partnership agreement with Smart Zone Real Estate Company, wholly owned by Saudi Telecom Company (stc).

Under the joint deal, the two companies will develop and operate a hotel within the stc Square multi-use complex project in Riyadh.

Secured by a promissory note, the loan holds a tenor of 10 years with a grace period of three years.

In the first quarter (Q1) of 2024, Taiba Investments recorded 78.05% higher net profits at SAR 110.50 million, while the lender’s net profits amounted to SAR 643.10 million.