Al Akaria secures SAR 700M credit facility with Bank AlJazira

Saudi Real Estate Co. (Al Akaria) obtained Shariah-compliant credit facilities with Bank AlJazira at a total value of SAR 700 million.

The facilities included a one-year short term financing as well as a long-term credit facility spanning 10 years, Al Akaria said in a statement to Tadawul.

Al Akaria aims to use the funds to finance a number of existing and new projects, as well as invest in expansion. The company may also use a part of these facilities — a maximum amount of SAR 100 million — to support its working capital requirements.

The developer provided a promissory note and a real estate mortgage as cover, the statement noted, adding that there are no related parties involved.