Sumou Real Estate inks SAR 50 mln credit facilities agreement with Riyad Bank

19/06/2022 Argaam

Sumou Real Estate Co. office building

Sumou Real Estate Co. signed today, June 19, a Shariah-compliant credit facilities agreement for a total of SAR 50 million with Riyad Bank, the company said in a bourse statement.

 

The funding duration is three years, the company said, adding that the agreement is secured by a promissory note (equivalent to 100% of the total facility value) in favor of the bank.

 

The amount will be used to issue letters of credit and letters of guarantee.

 

No related parties are included in the deal, the statement added.

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