National Building raises credit facilities with Riyad Bank by SAR 50 mln

28/12/2022 Argaam
Logo of National Building and Marketing Co.

Logo of National Building and Marketing Co.

National Building and Marketing Co. (NBM) signed an agreement with Riyad Bank to increase its Shariah-compliant credit facilities by SAR 50 million.
 
The Tawarruq financing will be used as working capital for existing projects, the company said in a statement on Tadawul. 
 
The financing period is 12 months.
 
The new facility is covered by a promissory note on the same terms approved by Riyad Bank for the previous facilities, the statement added. 
 
There are no related parties.
 

In August 2021, National Building signed a Shariah-compliant banking facility agreement with Riyad Bank worth SAR 100 million. It was renewed in August 2022 by an additional SAR 45 million, according to data available with Argaam.

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