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Jabal Omar .... to use the funds to develop Makkah project.

Saudi developer seals $2bn Islamic loan deal

RIYADH, September 17, 2015

Saudi Arabia's Jabal Omar has signed an SR8-billion ($2.13 billion) Islamic loan to help fund a project in Makkah and repay a smaller bridge loan, the real estate developer said on Thursday.

The company signed the 12-year loan with local lenders Saudi British Bank and Samba Financial Group, it said in a statement to Riyadh's bourse.

Jabal Omar will use the money to repay a SR2-billion ($533 million) bridge loan and also fund building some phases of a project in Makkah.-Reuters




Tags: Saudi Arabia | Jabal Omar | Islamic loan |

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