Taiba Investments Co. signed a long-term Shariah compliant financing agreement with Bank Albilad for an amount of SAR 1.36 billion, the company said in a bourse filing on Thursday.
The financing term is 14 years including a grace period of 4 years.
The amount is covered by a real estate mortgage and a promissory note, the company said, adding that there are no related parties involved in the deal.
The credit is intended to finance the implementation of hotel and commercial real estate projects according to the strategic plan announced by the company.
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