Oct 10 2011 |
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Announcement Clarification from Dar Al-Arkan Regarding the Public Investment Fund (PIF) Approval to Participate In Financing Qasr Khozam Project
Further to the announcement published on 08/10/2011 on Saudi Stock Exchange - Tadawul - Portal, regarding the Public Investment Fund ( PIF ) approval to participate in funding Qasr Development Khozam project, Dar Al-Arkan Real-Estate Development Company, developer partner of Qasr Khozam Development project (51% ownership), clarifies that, as per the projects business plan, the initial total finance required for the project is SAR 6 billion.Based on funding study submitted by Khozam Development Real-Estate Company to PIF , the project approach PIF participation of SAR 4 billion, and the remaining participation of the funding will be arranged through commercial banks and other entities. In light of the aforementioned, PIF issued their initial approval to participate in financing Qasr Khozam Development project.
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