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Saudi Real Estate Co. (Al Akaria) has secured sharia-compliant banking facility for 700 million riyals ($186 million) from Bank Al Jazira.
The duration of the short-term loan is one year, with the long-term loan tenor of a maximum 10 years.
Guarantees offered for the financing include a promissory note and a mortgage of real estate.
The facility will help finance several of the company’s ongoing and new projects, as well as its expansion investments.
Al Akaria said it can also use part of these facilities, with a maximum amount of SAR 100 million, to support its working capital requirements.
(Writing by Bindu Rai; editing by Seban Scaria)
