Al Akaria unit signs SAR 550M credit facility with Alinma Bank

Saudi Real Estate Co.’s (Al Akaria) subsidiary, Saudi Real Estate Infrastructure Co. (Binyah), signed a Shariah-compliant credit facilities agreement valued at SAR 550 million with Alinma Bank, according to a Tadawul statement.

The credit facilities have a one-year tenor and are renewable in line with the terms and conditions of the agreement.

The facilities are guaranteed through a promissory note, in line with the lender’s approved credit facilities terms.

The facilities are secured by a promissory note, in accordance with the lender’s approved credit facility terms.

The Public Investment Fund (PIF) is a related party.

Binyah is a national company specializing in infrastructure development, with Al Akaria holding a 60% stake. It specializes in the construction of roads, streets, sidewalks, roads, bridges and tunnels; laying oil and gas pipelines; construction of water distribution stations and main transmission lines; development of wastewater treatment plants, sewage projects, sewer networks, and pumping stations; construction of port berths and marine structures; demolition and removal of buildings, as well as site preparation and development works, including excavation, leveling, and network extensions.