Riyadh – Saudi Real Estate Company (Al Akaria) renewed and raised a Sharia-aligned banking facilities agreement worth SAR 200 million with Saudi Awwal Bank (SAB).

Al Akaria secured the loan on 21 January 2024 to issue letters of credit (LCs) and letters of guarantee (LGs), according to a bourse filing.

The company will also use the funding to support its working capital financing.

Meanwhile, the credit facility is secured by a promissory note and is valid for 360 days.

In the first nine months (9M) of 2023, Al Akaria turned to net losses after Zakat and tax valued at SAR 89.30 million, against net profits worth SAR 27.90 million in 9M-22.

SAB recorded 43.23% higher net profits at SAR 5.14 billion as of 30 September 2023, versus SAR 3.59 billion in the year-ago period.

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