Oct 04 2010 |
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JODC to get SR1.35 billion funding from 5 banks
JEDDAH: The Jabal Omar Development Company ( JODC ), the lead planner and developer of the Jabal Omar mountain area, has received the nod for bridge funding collectively worth SR1.35 billion from five national banks. The banks who have agreed to fund the company's development project are Al-Rajhi Bank , National Commercial Bank ( Al Ahli Bank ), Bank AlJazira , the Saudi British Bank (SABB) and Saudi Hollandi Bank .The funds will be used to accelerate the completion of the first phase of the project that includes nine towers overlooking Ibrahim Al-Khalil and Um Al-Qura streets. This bridge finance is considered a first step toward arranging a Shariah-compliant syndicate finance that could reach up to five billion riyals.
Jabal Omar Development Company is currently working on fulfilling the conditions laid out by the banks to close the deal. The Company, through its financial adviser ( Al-Rajhi Capital ), has received an interest from a group of local banks to participate with amounts exceeding five billion riyals.
"This project has led other developers to follow our lead in improving and urbanizing the central area surrounding the Grand Mosque. We are fully committed to completing this mega project which serves visitors to the Haram, a landmark so precious to the hearts of all Muslims around the world," he added.
© Arab News 2010
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