Anaam to pay off SAR 18 mln in debt over next 5 years: CEO

Anaam International Holding Group Co. will pay off a SAR 16 million loan over the next five years and spend an additional SAR 2 million on agricultural development within the next two years, the company’s chief executive Hassan Yamani told CNBC Arabia.

He said Anaam owns 100 million square meters of farm land in the northern area of Al-Jouf, which has cost the company SAR 100 million to develop it since 2010. Eight million square meters, or five percent of this space is currently undeveloped. It will plan to plant olive trees and other crops in that space.

Meanwhile, the joint stock company has nearly SAR 12 million in receivables, Yamani added.