Riyadh – Alandalus Property Company secured a long-term Tawaruq facility at a value of SAR 143.10 million from Saudi Awwal Bank (SAB) on 30 August 2023.

The seven-year facility deal will enable the listed firm to finance new projects and expand its investments, according to a bourse disclosure.

Meanwhile, the Sharia-compliant financing agreement is secured by a promissory note and mortgage of the property.

In the first half (H1) of 2023, the net profits after Zakat and tax of Alandalus Property reached SAR 25.91 million, down 26.50% year-on-year (YoY) from SAR 35.25 million.

Meanwhile, SAB witnessed 58.87% higher net profit at SAR 3.31 billion in the January-June 2023 period, compared to SAR 2.08 billion in H1-22.

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