Saudi Real Estate Co. has secured 100 million riyals ($26.67 million) in Islamic financing with Saudi British Bank, the company said in a stock exchange filing on Thursday (Feb 20).
The funds will be used to finance working capital, said the company. The credit facility duration is for 360 days.
Saudi Real Estate Company (Al Akaria) is a Saudi Arabia-based company engaged in the real estate sector.
The Company’s activities include the ownership of lands for construction; development and establishment of commercial and residential buildings, and sale and lease of them to others; real estate management; production and purchase of building materials, and the provision of contracting services.
The Company’s development focus on three divisions: Residential, Rental and Business parks/offices. Its projects include Al Akaria Village, The Plaza, Al Akaria New Sitteen, Al Akaria Residential Compound, Al Akaria Residences, Al Akaria Villas Diplomatic Quarter, Al Akaria 1, Al Akaria 2 and Al Akaria 3.
The Company has investments in several companies, namely United Glass Company and Dar Al Tamleek, among others.
Source Salaam Gateway