Saudi Real Estate Co. (Al Akaria) signed on May 31 a long-term Islamic financing contract with Riyad Bank worth SAR 650 million, the firm said in a statement on Tadawul on Sunday.
The seven-year contract starts from the date of withdrawal, including a two year grace period before the first installment, the statement said.
The contract, which is secured by a mortgage warrant, will be used to finance a number of projects.
The deal has no related parties, the statement added.
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