Al Majdiah signs addendum with BSF to raise credit facilities to SAR 684.5M

Financing will remain in place until Dec. 31, 2028, Al Majdiah says

Dar Al Majed Real Estate Co. (Al Majdiah) signed on March 12 an addendum to its credit facilities agreement with Banque Saudi Fransi (BSF), raising the company’s credit limit from SAR 550 million to SAR 684.47 million.

The financing will remain in place until Dec. 31, 2028, Al Majdiah said in a statement to Tadawul.

The company aims to support its expansion plans and real estate development projects.

The original credit facilities agreement signed with the bank on Nov. 19, 2023, was included in its prospectus, and that the addendum represents an extension of the agreement.

The facilities constitute a credit ceiling to support the company’s project requirements and expansion plans, and do not necessarily imply the full utilization of the available credit limit, the statement said.