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Dar Al Majed Real Estate Company has secured Shariah-compliant banking facilities from Arab National Bank.
The 500 million Saudi riyals ($133.33 million) loan will support expansion plans and finance future projects, the developer said in a statement to the Saudi stock exchange on Tuesday.
The financing term extends up to five years and includes a two-year grace period.
The facility is guaranteed by promissory notes, the statement said.
(Editing by Anoop Menon)
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