Amlak International renews SAR 664.5 mln credit facility with SAIB

Logo of Amlak International Real Estate Finance Co.

Amlak International Real Estate Finance Co. announced today, March 1, the renewal and modification of a Sharia-compliant credit facility agreement with The Saudi Investment Bank (SAIB) at a total value of SAR 664.5 million, according to a bourse filing.

The financing is aimed at facilitating the company's business and enhance its ability to finance its clients. The financing has a term of one year. The related guarantees offered include a waiver of accounts receivable in addition to a promissory note in favor of the bank, according to Amlak.

The company noted that SAIB - one of the major shareholders - has a direct interest in this agreement. It added that Majed Fakeeh, General Manager of Corporate Banking at SAIB, and Khalid Al-Rayes, Chief Executive Officer of Alistithmar Capital, which is 100% owned by SAIB, have indirect interest in the deal.

The company also affirmed that no preferential treatment was given under this agreement, which comes as part of its usual business activity.