TAM Development, SAB sign SAR 25 mln facility agreement

21/09/2023 Argaam
Logo ofTAM DevelopmentCo.

Logo of TAM Development Co.

TAM Development Co. announced, on Sept. 20, the signing of a SAR 25 million Shariah-compliant facility agreement with Saudi Awwal Bank (SAB). 

 

The facility has a 12-month duration, with a promissory note worth the amount of the facility provided as a guarantee, the company said in a statement to Tadawul. 

  

The credit facility aims to provide short-term financing (when needed) and bank guarantee facilities. 

 

The agreement has no related parties, the statement said. 

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