Amlak International renews, modifies SAR 664.5 mln credit facility with SAIB

Amlak International Real Estate Finance Co. renewed and amended a SAR 664.5 million Shariah-compliant credit facility agreement with Saudi Investment Bank (SAIB), according to a bourse filing today, Feb. 17, 2021.

The one-year facility is guaranteed by accounts receivable assigned to the bank, and a promissory note.

The funding aims to facilitate the company's business and increase its ability to finance its clients, the statement said.

SAIB has a direct interest in the agreement, and the following board members have an indirect interest:

- Faisal bin Abdullah Al-Omran, CEO of SAIB.

- Majed Abdulghani Fakeeh, general manager-corporate banking.

- Khalid bin Abdulaziz Al-Rayes, CEO of Al-Istithmar Capital (100%-owned by SAIB).

The company confirmed that no preferential treatment was given on this agreement and it is within the usual business activity.