Riyadh – Mubasher: Dur Hospitality Co. on Wednesday announced signing an Islamic loan agreement (Tawarruq) with Riyad Bank for a one-year period ending 2 October 2018.
The loan worth SAR 50 million ($13.3 million) was signed late Tuesday, Dur said in a statement to the Saudi Stock Exchange (Tadawul).
Dur Hospitality seeks to use the loan to finance its expansion plans.
The facility is secured by a promissory note from Dur, according to the statement.
In June, Dur signed a similar deal with Banque Saudi Fransi (BSF) for SAR 48 million ($12.88 million)
Dur Hospitality’s stock closed Tuesday down 0.69% to SAR 20.14.
