Dur Hospitality said it has inked a SAR 150 million Shariah-compliant Tawarruq deal with Riyad Bank to finance the company’s expansions requirements.
The contract will last for one year until October 2, 2018, the company said in a statement to the Saudi bourse.
The amount is covered by a promissory note by Dur.
Tawarruq is a type of loan facility typically used in Islamic banking.
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