Al Majdiah inks SAR 500M credit facilities deal with Alinma Bank

08:47 AM (Mecca time) Argaam
Al Majdiah said the new financing agreement aims to strengthen its financial position and support expansion

Al Majdiah said the new financing agreement aims to strengthen its financial position and support expansion

Dar Al Majed Real Estate Co. (Al Majdiah) signed, on Jan. 15, a Shariah-compliant banking facilities agreement worth SAR 500 million with Alinma Bank.

 

In a statement to Tadawul, the developer said the agreement aims to strengthen its financial position and support the expansion of its real estate development portfolio to meet its sustainable growth objectives.

 

 

The financing tenure extends up to 10 years, including a three-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.

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