Alandalus Property Co. on Monday inked a SAR 212 million Shariah-compliant Tawarruq deal with Al Rajhi Bank.
The developer will repay SAR 172 million in semi-annual instalments over seven years, including a grace period of three years. The amount will be used to finance new projects and expansions, the company said in a statement to the Saudi bourse.
The remaining SAR 40 million will be used for working capital requirements and will be repaid within six months from obtaining this amount.
The deal is covered by promissory notes equal to the funding value in addition to other guarantees already held by the bank, Alandalus added.
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