Al Akaria unit signs SAR 550M credit facility with Alinma Bank

Al Akaria said the Islamic facility will support Binyah’s operational activities and future project financing

Saudi Real Estate Co.’s (Al Akaria) subsidiary, Saudi Real Estate Infrastructure Co. (Binyah), signed a Shariah-compliant credit facilities agreement valued at SAR 550 million with Alinma Bank, according to a Tadawul statement.

The credit facilities have a one-year tenor and are renewable in line with the terms and conditions of the agreement.

The facilities are guaranteed through a promissory note, in line with the lender’s approved credit facilities terms.

The facilities are secured by a promissory note, in accordance with the lender’s approved credit facility terms.

The Public Investment Fund (PIF) is a related party.

Binyah is a national company specializing in infrastructure development, with Al Akaria holding a 60% stake. It specializes in the construction of roads, streets, sidewalks, roads, bridges and tunnels; laying oil and gas pipelines; construction of water distribution stations and main transmission lines; development of wastewater treatment plants, sewage projects, sewer networks, and pumping stations; construction of port berths and marine structures; demolition and removal of buildings, as well as site preparation and development works, including excavation, leveling, and network extensions.