Jabal Omar refinances SAR 2B credit facilities

Jabal Omar said the new facility will improve the repayment schedule and enhance cash flows

Jabal Omar Development Co. signed a SAR 2 billion Murabaha facility agreement with Saudi National Bank (SNB) to refinance existing facilities on improved terms.

In a statement to Tadawul, the developer said the facility has a 15-year term and is guaranteed by a mortgage on an asset within the Jabal Omar development.

The loan will improve the repayment schedule and enhance the company’s cash flow sustainability.

Saeed Al-Ghamdi has an indirect interest in the deal, as he serves as the Chairman of both Jabal Omar and SNB.

Accordingly, the transaction will be presented to the upcoming general assembly for approval and authorization, the statement added.