We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Thu 17 Sep 2015 01:14 PM

Font Size

- Aa +

Saudi developer Jabal Omar signs $2.1bn Islamic loan

Jabal Omar will use the money to repay bridge loan, fund building some phases of a project in Makkah

Saudi developer Jabal Omar signs $2.1bn Islamic loan

Saudi Arabia's Jabal Omar has signed a $2.13 billion (8 billion riyal) Islamic loan to help fund a project in Makkah and repay a smaller bridge loan, the real estate developer said on Thursday.

The company signed the 12-year loan with local lenders Saudi British Bank and Samba Financial Group, it said in a statement to Riyadh's bourse.

Jabal Omar will use the money to repay a $533 million (2 billion riyal) bridge loan and also fund building some phases of a project in Makkah.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.