Dec 13 2011 |
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Jabal Omar Development Signs SAR3B Government Loan Deal
Tuesday, Dec 13, 2011
BEIRUT (Zawya Dow Jones)--Saudi Arabia's Jabal Omar Development Co. (4250.SA) on Tuesday said it signed an agreement with the country's finance ministry for a commercial loan worth 3 billion Saudi riyals ($800 million).
The loan will be repaid over eight years, including a grace period of two years, the property developer said in a statement on the Saudi bourse's website.
The funds will be used to finance part of JODC 's only project, which consists of a mixed-use real-estate development, according to the statement.
JODC 's shares closed 0.4% lower at SAR11.75 in an overall negative market Tuesday.
(END) Dow Jones Newswires
13-12-11 1702GMT
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