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Wednesday, 25 November 2009 02:15 UAE time

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Kinan puts Jeddah project on hold

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 10 March 2009
JEDDAH PROJECT: Major development in Jeddah put on hold. (Getty Images)
JEDDAH PROJECT: Major development in Jeddah put on hold. (Getty Images)

Kinan, an affiliate of Saudi Arabia's Savola Group, has put on hold plans to build a 2 billion riyals ($533.3 million) property development in Jeddah, a Savola executive said on Tuesday.

"The reason was linked to difficulties in securing loans from banks for the project," Mahmoud Abdul Ghaffar, Savola's senior vice president for corporate affairs, told Reuters, without giving further details.

The project, which consists of a mixed-use complex that includes two towers, was going to be developed by Kinan International for Real Estate Development in which Savola Group holds a 30 percent stake.

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Kinan said last year that it had secured a 1 billion riyals Islamic financing from National Commercial Bank and SABB bank to help fund expansion in Saudi Arabia. (Reuters)

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