Dur inks SAR 300 mln Tawarruq deal with ANB

Dur Hospitality signed on Thursday a SAR 300 million Tawarruq deal with Arab National Bank (ANB), the company said in a statement on Tadawul.

The hospitality firm will use the facility to secure the finance of a number of the company’s projects previously planned in Jeddah, Yanbu and Ehsa. The deal is a part of the firm’s expansion strategies.

The finance tenor extends for eight years staring from August 2, 2018, until August 1, 2026, with a two-year availability period and one-year grace period starting from the date of signing. The deal is guaranteed by a promissory note.