Sulaiman Al Habib subsidiary inks SAR 2.17 bln Sharia-compliant facility with SABB

29/10/2020 Argaam

Dr. Sulaiman Al Habib Medical Group’s (HMG) subsidiary, North of Riyadh for Healthcare Company, signed today, Oct. 29, a long-term Sharia-compliant credit facility of SAR 2.17 billion with Saudi British Bank (SABB).

 

The facility has a duration of 13 years, with a five year grace period. It will be used to fund North Riyadh Hospital Project in Al-Sahafa District, the company said in a bourse filing.

 

The credit facility is guaranteed by a promissory note, corporate guarantee from HMG and mortgage of the project’s land to the bank.

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