Jabal Omar secures SAR 464m Islamic credit from SABB

05/05/2014 Argaam

Jabal Omar Development Company, which develops Jabal Omar Area, signed SAR 464m Shariah compliant credit agreement with the Saudi British Bank (SABB) yesterday.

The credit was granted against a promissory note and has a term of 6 months. It will be repaid out of the proceeds of SAR 2bn bridge loan under processing with the company’s financial advisor, HSBC; the company said in its filing to Tadawul today.

The credit proceeds will be used as an advance payment in the implementation of phase IV of Jabal Omar project which will include three podium bases and 5 hotel towers.

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