Dur Hospitality signed on Tuesday a SAR 48 million Tawarruq deal with Banque Saudi Fransi, the company said in a bourse statement.
The hospitality firm will use the facility to partially cover the costs of its hotel in Jubail Industrial City.
The finance tenor extends until June 30, 2018 and is guaranteed by a promissory note.
Dur awarded Khobar-based Ibrahim Asmael General Contracting (IAGC) a SAR 47.13 million contract in January to develop a hotel in Jubail Industrial City.
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