Oct 20 2010 |
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SR1.5bn loan to speed up Jabal Omar
MAKKAH: Jabal Omar Company (JOC) will soon receive SR1.5 billion in loans from four banks in order to speed up construction of the massive residential project near the Grand Mosque in Makkah. The Makkah Construction Company ( MCC ) will provide bank guarantees to get the loans.Abdul Rahman Faqeeh, chairman of MCC and JOC, said the loan would enable JOC to complete the project as quickly as possible.
He indicated that JOC would issue sukuks for SR3 billion to mobilize more funds required for completing the huge project.
The general assembly approved the company's long-term strategic investment in Jabal Omar . The company currently owns 11 percent of JOC's shares. The present market value of these shares is estimated at SR1.4 billion. MCC will receive commission from JOC for providing bank guarantee.
By GALAL FAKKAR
© Arab News 2010
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