Enma Alrawabi obtains credit facilities from Arab Bank amounting to SAR 170 mln

Enma Alrawabi Company announced on Monday that it has obtained credit facilities from the Arab National Bank amounting to 170 million riyals, in compliance with the provisions of Islamic Sharia.

The Company explained that the financing objective is to finance the transaction of purchasing the buildings erected on the Hittin land in Riyadh, in relation to the termination of the lease contract between Enma Alrawabi Company (the lessor) and Al-Motaqadimah Schools Company (the lessee) by mutual consent.

According to the statement published on Tadawul, the guarantees offered for the financing will be a promissory note for the full value of the financing, in addition to a mortgage on the Hittin land in Riyadh.