Al Hammadi Co. for Development and Investment signed on Monday a loan facility agreement with Saudi Arabia’s finance ministry at a total value of SAR 27.5 million.
The long-term loan, which will mature on January 20, 2039, will be paid in 20 annual installments with a five-year grace period, according to the company’s statement.
The loan will go towards financing the construction of Al Suweidi, an adjunct residential compound in Al Hammadi Hospital that was constructed on Sept. 28.
Al Hammadi has mortgaged the land on which the project is being constructed to the benefit of the ministry of finance.
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