Taiba secures SAR 425M Murabaha financing from SAB

Taiba obtains a Sharia-compliant Murabaha financing worth SAR 425 million from SAB

Taiba Investment Co. obtained a Sharia-compliant Murabaha financing worth SAR 425 million from Saudi Awwal Bank (SAB).

In a statement to Tadawul, the company said the seven-year financing, which includes a one-year grace period, will fund the development and renovation of the Taiba Front Hotel in Madinah under the “Waldorf Astoria” brand.

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The financing is secured by a promissory note, and the company noted that no related parties are involved in the deal.

Taiba said the hotel features more than 300 rooms and luxury suites, two restaurants, two multi-purpose event halls, a dedicated business meeting room, and a fitness center.