Al-Hokair Group secures SAR 50m credit from SABB

03/07/2014 Argaam

Abdul-Mohsen Al-Hokair Tourism and Development Group signed SAR 50m Islamic credit agreement with Saudi British Bank (SABB) on Thursday, July 3rd, 2014.

The credit extends from July 3, 2014 till May 31, 2015 and is intended to finance hotels’ renewals and purchasing new equipment and games for the entertainment centers; the company said in its filing to Tadawul today.

The company added that the bank facilities include Murabaha loans and letters of credit that will be repaid on quarterly installments for a maximum of 4 years.

The amount is covered by a promissory note from Al-Hokair Group.

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