Riyadh – Mubasher: Saudi Real Estate (Al Akaria) on Sunday announced signing an Islamic long-term loan with Riyad Bank worth SAR 650 million.
The deal, signed on Thursday, 31 May, will extend for a duration of seven years, effective on the day the loan is withdrawn from the bank, the real estate firm said in a filing to the Saudi Stock Exchange (Tadawul).
Al Akaria will use the loan to finance several projects, it said.
It added that the loan is guaranteed by mortgages.
Al Akaria last reported a year-on-year decline in profits to SAR 44.64 million ($11.90 million) in the first quarter profits of 2018 from SAR 47.76 million ($12.73 million) on the back of higher expenses and Zakat provisions.
