Saudi Jabal Omar inks $1.33bn loan deal
Riyadh, June 18, 2012
Saudi Arabia's Jabal Omar Development Company has signed a SR5 billion ($1.33 billion) loan agreement with a group of local banks to refinance an upcoming bridge loan maturity and fund the development of hotels and shops in Makkah.
The loan runs for 12 years, with a four-year grace period on repayments, the developer said in a filing to the Saudi stock exchange on Monday.
The cash will refinance a SR1.35 billion bridge loan, the statement added, and be used to fund the company's commercial development project in Makkah.
A source with knowledge of the matter said the bridge loan was due to expire on July 2. The new loan will be provided by a group of seven banks, the source said, speaking on condition of anonymity.
Al Rajhi, Bank Al Jazira, National Commercial Bank, SABB and Saudi Hollandi - which provided the original bridge loan - have signed up to the deal, the source said. Alinma Bank and Bank Al Bilad have also agreed to fund the deal, the source added.
Jabal Omar shares rose 1.5 per cent at 0835 GMT on the Saudi bourse.-Reuters
More Construction & Real Estate Stories
- Tunelling experts to meet in Dubai
- New mortgage rules to drive UAE property boom
- Sub-Saharan real estate set for big growth
- Cluttons names professional services head
- Hill wins key Doha tower project
- Dubai wins Expo 2020 with HOK masterplan
- UAE property group to invest $54m in Turkey
- Industrial facility rents up in Abu Dhabi
- DB Schenker breaks ground on new Dubai facility
- Arabtec inks $1.2bn UAE hospital contract