Logo of First Avenue Real Estate Development Co.
First Avenue Real Estate Development Co. signed a SAR 315 million Shariah-compliant banking facility agreement with Bank AlJazira.
In a statement to Tadawul, the company said the financing was secured on Sept. 29, with a six-year tenor.
For more news on listed companies
As part of the agreement, the company issued promissory notes equal to the facility value, mortgagedthe project land and assignedproject proceeds to Bank AlJazira as collateral.
The financing will support the company’s expansion plans, including project execution, acquisitions, and developments.
Mohammed Al-Nafea is a relatedparty, as he serves on the boards of both Bank AlJazira and First Avenue, the statement said.
Logo of First Avenue Real Estate Development Co.
First Avenue Real Estate Development Co. signed a SAR 315 million Shariah-compliant banking facility agreement with Bank AlJazira.
In a statement to Tadawul, the company said the financing was secured on Sept. 29, with a six-year tenor.
For more news on listed companies
As part of the agreement, the company issued promissory notes equal to the facility value, mortgagedthe project land and assignedproject proceeds to Bank AlJazira as collateral.
The financing will support the company’s expansion plans, including project execution, acquisitions, and developments.
Mohammed Al-Nafea is a relatedparty, as he serves on the boards of both Bank AlJazira and First Avenue, the statement said.
