Jabal Omar Development Co. on Thursday announced the early repayment of a SAR 4 billion loan secured from the National Commercial Bank (NCB).
The developer has also paid all commissions and loan-related expenses, it said in a bourse statement.
All legal and financial obligations, and the existing mortgage in favor of the bank, will be canceled upon repayment of the loan.
As a result, all assets in the first phase of the Jabal Omar project – including five hotels and the Al Khalil market – will be released from mortgage, the company added.
Jabal Omar expects the repayment to reflect positively on Q4 2017 financials.
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