Dur Hospitality Co.'s building
Dur Hospitality Co. obtained today, Nov. 29, a SAR 257 million Shariah-compliant Murabaha facility from Alinma Bank to finance the expansion and development of Rixos Jeddah Resort, according to a statement to Tadawul.
The company added that the facility will run for 10 years, with a grace period of three years.
The financing will be against a promissory note provided by Dur Hospitality, it indicated, noting that there are no related parties.
In May, the company awarded a SAR 181.7 million contract to Al Murshid Contracting Group for the Rixos Jeddah Resort development project. Credit facilities from Islamic Tawarruq will be used for funding, according to Argaam's data.
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