Sulaiman Al Habib’s unit receives $586mln loan from Saudi SABB

The credit facility will finance the North of Riyadh Hospital project

  
Saudi men are seen at SABB bank as the government eases lockdown restrictions amid the coronavirus disease (COVID-19) outbreak, in Riyadh, Saudi Arabia June 3, 2020. Image used for illustrative purpose

Saudi men are seen at SABB bank as the government eases lockdown restrictions amid the coronavirus disease (COVID-19) outbreak, in Riyadh, Saudi Arabia June 3, 2020. Image used for illustrative purpose

REUTERS/Ahmed Yosri

Riyadh –  North of Riyadh for Healthcare Company, a subsidiary of Dr. Sulaiman Al Habib Medical Services Group, has inked a long-term Shariah-compliant credit facility agreement worth SAR 2.170 billion with Saudi British Bank (SABB).

The loan term extends over 13 years, including a five-year grace period, according to a stock exchange filing on Thursday.

The credit facility will finance the North of Riyadh Hospital project in the Sahafa District.

The guarantees provided for the credit facility are a promissory note from the company, a corporate guarantee from the parent company, and a mortgage of the project’s land to SABB, the statement added.

Source: Mubasher

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