Dur secures SAR 100 mln in Tawarruq from Riyad Bank

Dur Hospitality Co. has inked a SAR 100 million reverse murabaha (Tawarruq) contract with Riyad Bank, the company said in a statement to Tadawul.

The facility has a tenure of two years, and runs from Dec. 13, 2017 to Dec. 12, 2018.

The loan facility, which was guaranteed by a promissory note, will go towards financing the fourth phase of the Darraq project in Riyadh.

The residential project, which is located in Riyadh’s Diplomatic Quarter, includes five phases of 453 villas and apartments.

The third phase, which has 76 villas and 35 apartments, was completed in Q2 this year with a total cost of SAR 198 million.