Arab News, Sunday, Jan 23, 2022 | Jamada Al-Aakhirah 20, 1443
Saudi developer Alakaria secures $106.6m loan for Riyadh land purchase
Saudi Arabia: The Saudi Real Estate
Co., also called Alakaria, has secured a bridge loan of SR400 million ($106.6
million) to finance part of the price of the land it’s purchasing in the east of
Riyadh.
The Shariah-compliant loan is provided by Al
Jazira bank, the company said in a bourse filing, with a financing duration of
360 days.
Alakaria earlier said it was buying raw land in
the east of Riyadh with a total value of SR727.09 million. The rest of the funds
will come from the developer’s “self-generated resources.”