IHR guaranteed the loan through a SAR 30.5 mln promissory note, along with an assignment of project revenues covering 125% of the financing
International Human Resources Co. (IHR) renewed and amended Shariah-compliant credit facilities worth SAR 30 million with Al Rajhi Bank. 
The one-year facility was obtained on Aug. 23, IHR said in a statement to Tadawul today, Oct. 5.
The agreement represents a renewal of the existing credit facilities, keeping the credit limit unchanged at SAR 30 million.
The facilities include SAR 27.5 million to finance working capital requirements and SAR 2.5 million to cover the issuance of letters of guarantee required for contracts and projects, as well as related needs.
It is guaranteed by a SAR 30.5-million promissory note, along with an assignment of project revenues covering 125% of the financing.
The agreement also includes a reduction in administrative fees from 1.5% to 0.75%, and a reduction in the annual profit margin added to the three-month SAIBOR from 3.5% to 2.5%.
IHR pointed out that the agreement represents ongoing transactions conducted in the ordinary course of business and in accordance with prevailing commercial terms, without any preferential conditions.
The final agreement was received on Oct. 4.
According to Argaam data, IHR announced last year the renewal and amendment of its credit facilities agreement with Al Rajhi Bank, worth SAR 30 million. That agreement was a renewal of the agreement signed between the two parties in Aug. 2024, with the credit limit amended upward.
IHR guaranteed the loan through a SAR 30.5 mln promissory note, along with an assignment of project revenues covering 125% of the financing
International Human Resources Co. (IHR) renewed and amended Shariah-compliant credit facilities worth SAR 30 million with Al Rajhi Bank.
The one-year facility was obtained on Aug. 23, IHR said in a statement to Tadawul today, Oct. 5.
The agreement represents a renewal of the existing credit facilities, keeping the credit limit unchanged at SAR 30 million.
The facilities include SAR 27.5 million to finance working capital requirements and SAR 2.5 million to cover the issuance of letters of guarantee required for contracts and projects, as well as related needs.
It is guaranteed by a SAR 30.5-million promissory note, along with an assignment of project revenues covering 125% of the financing.
The agreement also includes a reduction in administrative fees from 1.5% to 0.75%, and a reduction in the annual profit margin added to the three-month SAIBOR from 3.5% to 2.5%.
IHR pointed out that the agreement represents ongoing transactions conducted in the ordinary course of business and in accordance with prevailing commercial terms, without any preferential conditions.
The final agreement was received on Oct. 4.
According to Argaam data, IHR announced last year the renewal and amendment of its credit facilities agreement with Al Rajhi Bank, worth SAR 30 million. That agreement was a renewal of the agreement signed between the two parties in Aug. 2024, with the credit limit amended upward.
