Saudi-based Dar Al Majed Real Estate Company has announced that it has signed an addendum to the credit facilities agreement previously concluded with Banque Saudi Fransi (BSF). 

The addendum includes increasing the credit limit of the facilities granted to the company from SAR550 million ($146.4 million) to SAR684.5 million ($182.2 million).

This funding will be mainly used for Dar Al Majed’s expansion plans as well as development of its real estate projects, said the company in its filing to Saudi bourse Tadawul.

The amended financing will run until December 31, 2028, it stated.

The original facilities agreement with Banque Saudi Fransi was signed in November 2023, and disclosed in the company’s prospectus, said the statement.

The new addendum extends that agreement and sets a credit ceiling for project funding, it added.-TradeArabia News Service