National Building raises credit ceiling with Riyad Bank by SAR 90 mln

Logo of National Building and Marketing Co.

National Building and Marketing Co. signed an agreement today, March 6, to raise the ceiling for Sharia-compliant credit facilities awarded by Riyad bank by SAR 90 million, the company said in a statement to Tadawul.

The financing period is 18 months, said the company, noting the facility will be used to fund working capital for existing projects.

Furthermore, the financing is guaranteed by a promissory note, under the terms and conditions previously endorsed by the bank.

The necessary signatures were completed and a copy of the agreement was received today, the company noted.