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Alramz Real Estate Company has secured new funding to finance its real estate investments and expansion plans.
The developer has obtained Shariah-compliant credit facilities of 288 million Saudi riyals ($76.79 million) from Saudi Awwal Bank, it said in a statement to the Saudi stock exchange on Thursday.
The facilities have a two-year tenor. The company issued a promissory note as a guarantee for the full amount of the facilities.
In December, the developer signed an agreement with SNB Capital and AWJ Real Estate Company (landowner) to establish a SAR 2.5 billion Shariah-compliant real estate investment fund to develop the Rabwa Alramz residential project in Riyadh.
(Editing by Anoop Menon)
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