Monday, Jun 18, 2012
DUBAI (Zawya Dow Jones)-- Saudi Arabia's Jabal Omar Development Co. (4250.SA), or JODC, said Monday it has signed a joint loan agreement worth 5 billion Saudi riyals ($1.3 billion) with a group of local banks.
This new financing will be used to pay back a SAR1.35 billion bridge loan secured last year in order to fund the first phase of its mega property development project near the Grand Mosque in Mecca which includes nine towers overlooking Ibrahim al Khalil street and Um Al Qura Street, according to a statement posted on the Saudi bourse website.
The loan is for 12 years, with a four-year grace period for repayments, the statement said.
Jabal Omar shares last traded 0.9% higher at SAR17.45 in a broadly positive market.
-By Iman Dawoud, Dow Jones Newswires; +971 55 1093341; iman.dawoud@dowjones.com: Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
18-06-12 1023GMT
