Dur Hospitality secures SAR 257 mln Murabaha facility for Rixos Jeddah Resort

29/11/2022 Argaam

Dur Hospitality secures SAR 257 mln Murabaha facility for Rixos Jeddah Resort

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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