Al Akaria renews, raises SAR 200M facilities limit with SAB

22/01/2024 Argaam

Al Akaria renews, raises SAR 200M facilities limit with SAB

Logo of Saudi Real Estate Co. (Al Akaria)

Saudi Real Estate Co. (Al Akaria) renewed and increased a bank facilities agreement, complaint with Shariah, with Saudi Awwal Bank (SAB) for SAR 200 million.

 

In a statement to Tadawul, the company said that the facilities were obtained on Jan. 21 with a term of 360 days.

 

The amount is covered by a promissory note and is intended to go towards issuing letters of credit and guarantee to support working capital, the statement added.

 

No related parties are included in the deal, Al Akaria noted.

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