‎“Fitness Time” signs a credit facility agreement with “Emirates ‎NBD Bank” amounting to 150 million riyals

Leejam Sports Company (Fitness Time) announced the signing of a Sharia-compliant credit facility agreement worth 150 million riyals with Emirates National Bank of Dubai on December 21, 2023.

These facility agreements include a multi-purpose line of credit worth 150 million riyals, including a short-term loan (Tawarruq financing) to finance the company’s working capital requirements and multiple letters of guarantee to purchase sports equipment for the company’s operations in the United Arab Emirates.

The company explained that the duration of the short-term loan is 3 months and the duration of letters of guarantee is 12 months, in exchange for a guarantee of a promissory note.

Fitness Time aims through this agreement to finance working capital requirements for the company’s operations in the United Arab Emirates.