Riyadh – Remal Al Khobar Real Estate Company, 50% owned by Retal Urban Development Company, signed a facility agreement (Tawarruq) worth SAR 150 million with the Tourism Development Fund (TDF).
Remal obtained the financing on 5 October 2022 to fund the Nobu hotel, residential units, and a restaurant located in Al Khobar city, according to a recent bourse filing.
The Saudi listed firm indicated that the 15-year facility deal is guaranteed by a promissory note in addition to a corporate guarantee.
Last month, Retal sold its 50% share in a land plot in Al Khobar at a total value of SAR 112.50 million, following a SAR 67.43 million sale transaction which was announced on 26 September 2022.
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