The National Building and Marketing Company announced, Listed on the Saudi stock exchange, today, Monday, For obtaining a short-term loan of 100 million riyals.
The company signed a sharia-compliant banking facilitation agreement with Riyad Bank worth 100 million riyals, explaining that the purpose of such facilities was to finance public investment and grants were made in based on the strength of the company’s financial position, according to a company statement on the site web of the Saudi financial market “Tadawul”.
The duration of the loan, guaranteed by bills of exchange, will be 3 months in order to diversify the company’s sources of income.
The company announced in the middle of last month that it has signed an agreement with Nomu Capital to set up a private investment fund with a capital of 100 million riyals, called the “Nomu Al-Ahsa Real Estate Development Fund”.
The company stated in a statement to Saudi Tadawul that its stake constitutes 50% of the fund’s capital and the source to guarantee tale quota will be determined in a second time.
He stated that the fund aims to develop land on a ‘area of 250 thousand square meters in Al-Ahsa and convert it in residential villas, with a total value of 440 million riyals.
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