Saudi Hotels & Resorts Co. Signs Murabaha Facility Agreement with Banque Saudi Fransi

Saudi Hotels & Resorts Company announces signing of Murabaha facility with Banque Saudi Fransi on 10/06/2012 at total amount of SAR (241,900,000) which includes the following: 

1)-Provide the required funds of SR (218,900,000) to finance the third phase of Future Homes project located in Diplomatic Quarter. 
The company will repay the above amount on (7) yearly installments, the first installment is due after (3) years from the date of the first withdraw. 
2)-Miscellaneous facilities of SR (23,000,000) which were bank guarantees and letters of credit to be used when needed. 
The agreement had been signed against pledging the project revenues & bond for the holders 

The third phase of Future Homes project contains (125) various size housing units inside diplomatic Quarter in Riyadh, which have been designed at high levels to attract community segment that are looking for housing within the district with all the special services in Riyadh city. 
The execution of the project is part of the successful results which achieved from the previous phases of the project, which the company operated for the last (15) years.