Saudi Real Estate Company (Al Akaria) has secured 700 million Saudi riyals ($186.52 million) to finance its developments and expansion plan.

A maximum of SAR 100 million will be used to support the company’s working capital, the developer said in a statement to the Saudi stock exchange on Thursday.

The new Sharia-compliant credit facilities were obtained from Bank AlJazira and have a duration from one to a maximum of 10 years. 

The facilities have been guaranteed by a promissory note and real estate mortgage, the statement said.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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