Banan Real Estate inks SAR 32.5 mln credit facility with Riyad Bank

30/11/2021 Argaam

Logo of Banan Real Estate Co.

Banan Real Estate Co. signed today, Nov. 30, a Shariah-compliant credit facility agreement worth SAR 32.5 million with Riyad Bank, the company said in a filing to Tadawul.

 

The seven-year facility is guaranteed by a promissory note of SAR 32.5 million, in addition to mortgage of a building owned by the company.

 

The loan will be utilized to finance the expansion of real estate investment.

 

There are no related parties to the agreement, the statement added.

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