Arriyadh Development Co. (ARDCO) said in a bourse statement its sister company, Tanal for Real Estate Investment and Development has secured SAR 800 million in credit facilities from a local bank.
The three-year facilities will be used in repaying liabilities of Riyadh Real Estate Development Fund I, which is being currently closed.
The loan will also go for completing the infrastructure services of Thumama land plot. Over 95 percent of infrastructure services were supplied.
Tanal’s facilities will be 69.83 percent guaranteed by ARDCO’s share in the land plot.
The real estate developer and Sumou Holding Company have set up Tanal with SAR 100,000 in capital, Argaam reported.
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