First Avenue for Real Estate Development Company has renewed its Shariah-compliant financing facility with Al Rajhi Bank to support its current and future projects.

The 200 million Saudi riyal ($53.09 million) credit facility has an eight-year term, including a two-year grace period, the developer said in a statement to the Saudi stock exchange.

The funding will support the company’s expansion plans and finance its current and future real estate projects, enhancing the execution of its development strategy.

Promissory notes equivalent to the facility value, along with a mortgage over the financed property, were provided in favour of Al Rajhi Bank, the statement said.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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