Alandalus Property secures SAR 143.1 mln facility from SAB

31/08/2023 Argaam
Logo ofAlandalus Property Co.

Logo of Alandalus Property Co.

Alandalus Property Co. secured on Aug. 30 a long-term, Shariah-compliant Tawarruq bank facility at SAR 143.1 million from Saudi Awwal Bank (SAB), according to a statement to Tadawul.

 

The seven-year financing facility will be guaranteed by a promissory note and mortgage of the property.

 

The funds will be directed to financing new projects and expansionary investments.

 

The deal included no related parties, the statement added.

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