ALAKARIA Obtains Banking Facilities from Aljazira Bank in amount Of SR400 mln

Saudi Real Estate Company (ALAKARIA) announced on Sunday about obtaining a banking facilities (bridge financing) in compliance with islamic sharia from AlJazira bank with a total value of SR400 million to finance part of the land’s purchasing price mentioned as the details given below.

The company said on a statement that the financing duration is 360 days. The guarantees offered for the financing Promissory note with an amount of SR 400,000,000 and the pledge of the financed real-estate in favor of BAJ.

It added that the amount of SR382,679,922 was withdrawn from the above financing value to pay part of the purchase value of the aforementioned land.

This comes with reference to the Company’s announcement on Tadawul on 05 January 2022 regarding a purchase of a raw land in the east of Riyadh (North of Dammam Road, Al Qadisiyah District/AlMarjan) with a total value worth SR 727,091,851.8 (Excluding the real estate transaction tax and broker’s commission), the company concluded.