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Saudi Arabia’s Asas Makeen Real Estate Development and Investment Co. has renewed its SAR 350 million ($93 million) Sharia-compliant credit facilities agreement with Al Rajhi Bank.
The facilities will be used to strengthen its financing capabilities for land acquisition, development, and the construction of residential real estate projects. The funding will also cover financing for selected projects and the issuance of a financial guarantee in favour of the National Housing Company under one of the facilities, a bourse statement from the Tadawul-listed company said.
The tenor of the facilities varies depending on the type, ranging between 6 months and up to 120 months.
The financing is secured through a promissory note and mortgages over real estate title deeds, including the properties financed under the agreement.
(Writing by Brinda Darasha; editing by Daniel Luiz)
