Al Majdiah secures SAR 500M financing from ANB

Al Majdiah plans to use the to support its expansion plans and future projects

Dar Al Majed Real Estate Co. (Al Majdiah) signed, on Jan. 19, a Shariah-compliant banking facilities agreement worth SAR 500 million with Arab National Bank (ANB).

In a statement to Tadawul, the developer said the agreement aims to support its expansion plans and future projects in accordance with its strategic plan.

The financing tenure extends up to five years, including a two-year grace period, the statement added, indicating that the amount is covered by a promissory note.

There are no related parties in the deal, the statement noted.

According to data available on Argaam, Al Majdiah signed, on Jan. 14, a Shariah-compliant banking facilities agreement worth SAR 500 million with Alinma Bank to strengthen its financial position and support the expansion of its real estate development portfolio.